"For returns on which no tax is due, the penalty is $220 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due.Note: Interest is also charged on taxes paid late, even if an extension of time to file is granted, and on penalties imposed for failure to file, negligence, fraud, etc.Ī penalty may be charged if the return is filed after the original or extended due date of the return as follows: There are two late penalties that may be incurred with regard to the 1120S:
What late penalties are there for an 1120S?
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