Loading...

Penalties to be Assessed on Late S-Corporation Tax Returns

Beginning in 2011, S-Corporations that file a late or incomplete Federal income tax return (Form 1120-S) will be assessed a penalty of $195 per shareholder per month. Husbands and wives are Linscott R. Hansoncounted as two shareholders.  For a 10-shareholder S-Corporation that is one year behind in filing its tax return, the penalty that may be imposed would be $23,400 (12 months x 10 shareholders x $195).

Map

Contact Us Today

Phone: 847.698.9600

Fax: 847.698.9623

847.698.9624

Di Monte & Lizak, LLC,

216 Higgins Road,

Park Ridge, IL 60068