What are the Penalties for Late Filing for a S-Corporation?

S-corporation returns or extensions are due by March 15th. For each month or portion of a month the return is late, you are penalized $195. That amount is multiplied by the number of corporate shareholders you have. For example, if your tax return is three months late and you have four shareholders, compute your late filing penalty by multiplying $195 by three months multiplied by four (4) shareholders to get your penalty amount of $2,340.