I have a company that was incorporated in November 2015 as a S Corp. There was no activity at the company for November / December 2015 and a tax return was not filed for 2015.
I found that even with no activity, all S Corps are required to file a yearly tax return. The penalty for this seems to be $195 per month per shareholder (we have two shareholders in the company) with the max # of months capped at 12 (so a total of ~$4,800 = 2 x $195 x 12).
I am currently floating the possibility of selling my stake in the company.
Who is liable here for my half of the penalty ($2,400) - the corporation or me? If I sold my share in the company right now, and the 2015 return was filed as late somewhere down the line - would I be liable for the penalty?