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What is the penalty for filing Form 1120-S late?

The IRS charges $220 per shareholder per month for a late S Corporation return, starting from the original due date. A two-shareholder S Corp that files four months late owes $1,760 in penalties, separate from any other tax owed.

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Check your EIN confirmation letter (CP 575) first. If that is gone, look at a previously filed tax return, a business bank account application, or any 1099 you have issued. Your bank or your payroll provider will also have it on file.

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