Corporate Talk

This web site operates from the prospective that the user already has a business entity and the entity of choice is the S-corporation. While good business practices may apply to every business, the user must decide whether to use and how to apply the content found here. The authors cannot. As always, read all closely and think before you act.

S Corporation Late Filing Fee Skyrockets

picture of road sign to place called "tough"

The Times

A plethora of new tax rules come into affect for 2010. One likely to hit many less organized S corporations is the late federal 1120s filing fee. It is now a $195 penalty for each owner. Previously the late fee was substantial at $89 per owner.

One should expect cash-strapped state tax departments to get into the act in the future. It goes without saying the federal government will continue to target business for tax increases, since that burden falls upon the public outside of its perception, hidden in the cost of doing business.