- quote -

The only penalty I can think of is that you forego any
elections that might be advantageous, except for those that
can be made on an amended return. That used to be the case
for Section 179, but at least that trap is now removed.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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- quote -

I have seen penalties of $100 per late K-1 for someone who
was habitually late.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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- quote -

How about $50 per late K-1??? I believe that is a per month
thing but not sure.

--
Regards,

Mark Rigotti

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- quote -

You would THINK that for any thing that is mandated, like
filing before a certain date there would be consequences,
like a penalty. and you're usually right.

Except in this case. No penalties I know of for late S
corp return (unless there happens to be tax due which isn't
usually the case). And I've never, ever , heard of any
penalties being so assessed.

ChEAr$,
Harlan Lunsford, EA n LA

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- quote -

I'd like to add to this question. What if you missed the
filing deadline for an S Corp that has not tax liability
(i.e. no BIG tax or passive income issues)? Is there some
sort of procedure such as is with a late S election where
the IRS would accept the extension late if you showed
reasonable cause? I tried looking around for a Rev Proc
that might address this, but came up with nothing.

Also, if any, do the penalties associated with missing an S
Corp filing fall under the informational return penalties or
the corporation return penalties?

Thanks for the help.

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Drew Edmundson wrote:
- quote -

What really got me about the 75 day answer, is because I
have two June 30th fiscal year corporations as clients, and
suddenly I thought, with a 75 day rule, that I was always
late in filing their form 7004's by September 15th! (lol)
(31 + 31 + 15 days)

ChEAr$,
Harlan Lunsford, EA n LA
Sun 27 mar 2005

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Wayne Brasch wrote:
- quote -

Correction: due date is the 15th day of the third month
following close of tax year. Thus for a Dec 31st close the
due date is March 15, exactly 31 + 28 + 15 days after Dec
31, or... uh.. .. 74 days afterwards.

Had me worried there for a minute, Wayne.

ChEAr$,
Harlan Lunsford, EA n LA
25 Mar 2005

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"Wayne Brasch" <waynebrasch[at]stowetel.com> wrote:
- quote -

But 3-15 is only 74 days after 12-31 except in leap years.
The actual deadline is the 15th day of the third month after
the corporation's year end. So a corporation terminating on
3-2-05 has a due date of 6-15-05. Which is 105 days after
their tax year ended. If the due date falls on a weekend or
legal holiday then it moves to the next business day.

--
Drew Edmundson, CPA (NC)

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sumguyb[at]yahoo.com wrote:

- quote -

If the S-corp's year end was December 31, the due date was
March 15.

Regards,
Bill

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sumguyb[at]yahoo.com wrote:

- quote -

If the S-corp's year end was December 31, the due date was
March 15.

Regards,
Bill

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<sumguyb[at]yahoo.com> wrote:

- quote -

the instructions for the 2004 form 1120s under "when to
file" says "In general, file Form 1120S by the 15th day of
the 3rd month following the date the corporation's tax year
ended as shown at the top of Form 1120S. For calendar year
corporations, the due date is March 15, 2005. If the due
date falls on a Saturday, Sunday, or legal holiday, file on
the next business day. A corporation that has dissolved must
generally file by the 3rd month after the date of
dissolution."

this may or may not contain the answer to your question, as
you did not give enough information for anyone to form a
complete and accurate response

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<sumguyb[at]yahoo.com> wrote:

- quote -

Per IRS Pub 542

When to file. Generally, a corporation must file its
income tax return by the 15th day of the 3rd month after the
end of its tax year. A new corporation filing a short-period
return must generally file by the 15th day of the 3rd month
after the short period ends. A corporation that has
dissolved must generally file by the 15th day of the 3rd
month after the date it dissolved.

This would be the same whether it's S Corp or C Corp.

Shirley Caylor

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"sumguyb[at]yahoo.com" <sumguyb[at]yahoo.com> wrote:

- quote -

It's on the instructions to the form.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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sumguyb[at]yahoo.com wrote:

- quote -

Assuming it's a physical year (Dec 31st) corporation, March
15th is the due date. And I'm betting that's the case.

- quote -

there ARE no dumb questions; only unasked questions, and you
came to the right place. But three IRS people not knowing
the answer, that's amazing! and, with apologies to
O'Reilly, "ridiculous".

ChEAr$,
Harlan Lunsford, EA n LA
24 Mar 2005

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Wow, I can answer that one. See page 3 of 1120S
Instruction package mailed to anyone who files a 1120S.
"When To File-- by the 15th day of the 3rd month following
the date the corporation's tax year endedl. For calander
year corporations that's March 15, 2005" I think you missed
it.

ed

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"sumguyb[at]yahoo.com" <sumguyb[at]yahoo.com> wrote:

- quote -

March 15 unless you file for an extension.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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<sumguyb[at]yahoo.com> wrote:

- quote -

9 days ago

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<sumguyb[at]yahoo.com> wrote:

- quote -

The due date for any corporation is 75 days after their tax
year ends. In other words, if the tax year ended 12/31/2004
(and most S Corporations do end then), the return was due on
03/15/2005.

Wayne Brasch, CPA, M. S. Taxation

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<sumguyb[at]yahoo.com> wrote

- quote -

March 15th.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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<sumguyb[at]yahoo.com> wrote:

- quote -

March 15th.

--
Regards,

Mark Rigotti

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