Penalties for filing late for S-corporation or partnership returns is $195 per person per month (or fraction thereof) late. If you have 3 shareholders/partners and are 2 months late, the penalty (even with no tax due),  is $195 x 3 people x 2 months late = $1,170.

Tags: corporate tax return, partnership tax return

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Posted in Tax Information & Tips by Debbie Snelling No Comments Yet