Whats the penalty for late filing an S corporation return?
. . . Penalties for returns that have tax associated with them (your individual return, a C corporation return) are usually based on the amount of tax due. But S corporations usually don’t pay tax on their own (S corporations can owe some special taxes). Instead, the income is passed through to the shareholders and reported on their returns. The IRS provides some special penalties for late filing an S corporation return. The minimum penalty for filing a return more than 60 days late is the smaller of the tax due or $100. In addition, for failing to provide a Schedule K-1 to a shareholder when due (and for each failure to include information required to be shown on the K-1) a $50 penalty may be imposed for each K-1. If the require to report correct information is intentionally disregarded, each $50 penalty is increased to $100 or, if greater, 10% of the total amount of items required to be reported. Changing your state of incorporation? . . . You could dissolve the corporation in the st
