1120-S late filing penalties

Forum|Forum|1 year ago
September 12, 2024
2 replies
22 views

Good morning community,

I have a question regarding an S-Corp return that I will be filing late. I took out an extension on 3-15-24 and the return is due on 9-16-24. I know that the penalty is $220 per month per shareholder. My question is when is this penalty calculated from. Is it from 3-15-24 or because I have an extension does the penalty start accruing from 9-16-24? Hope to hear your ideas in the near future.

Thanks,

John Skouberdis

ProSeries Professional

This topic has been closed for replies.

Best answer by TaxGuyBill

It would start on 9/16/24. It would not be retroactive.

S

strongsilence

Level 10

Have you considered filing it then amending it after 9/16?

J

jskouberdisAuthor

Level 5

That is an option but I would rather not go through the trouble of doing that because my client is a procrastinator and I would probably then have to amend his 1040 which is due at 10-15-24.

John Skouberdis

T

TaxGuyBillAnswer

Level 15

It would start on 9/16/24. It would not be retroactive.

J

jskouberdisAuthor

Level 5

That is what I thought but somebody else told me that the extension didn't count. Because I have extended the due date then being late is filing after 9-15-24. Thanks for your reply.

John Skouberdis

Just-Lisa-Now-

Intuit Community Champion

@jskouberdis wrote:

That is what I thought but somebody else told me that the extension didn't count. Because I have extended the due date then being late is filing after 9-15-24. Thanks for your reply.

John Skouberdis

Thats how I thought it worked as well...if they didnt file by the extended due date, isnt it late back to the original due date?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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