I have a small one person s-corp in USA. It's now almost first day of summer; however, I still haven't filed my corp taxes due to some personal issues. What do I do at this point? Should I just fill my taxes using TurboTax? What is the late fee?


You should file ASAP. Penalties are pretty expensive: $195 per month per shareholder. If you haven't paid, you'll also pay 0.5% per each month you're late, so if your tax is $1000, you'll be paying $200 per month until you file and pay (that's in addition to the regular interest on the late payment).

There are additional penalties for late filing of K-1, which may also be applicable. Also, if you're late on your payroll forms (and payments), you may be subject to much more severe "trust fund recovery" penalties.

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  • I don't have any employees and don't file any payroll forms, so hopefully I am not a subject to more severe "trust fund recovery" penalties – Vlad Miller May 29 '14 at 0:14
  • @VladMiller what do you mean you don't? What about yourself? – littleadv May 29 '14 at 1:32
  • I don't pay myself a salary; Should I? – Vlad Miller May 29 '14 at 10:22
  • Yes, you should. Officers of a corporation (any corporation) must be paid a reasonable salary. By not paying yourself salary, you're essentially evading payroll taxes, the IRS doesn't take it nicely. Get a tax adviser (EA/CPA licensed in your State) to help you understand what the requirements are. – littleadv May 29 '14 at 16:08
  • I would definitely find experienced CPA to help me. Is there any good article you can suggest me to read first? – Vlad Miller May 29 '14 at 17:16

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