penalty for late filing S-corp tax federal and state[Nevada]
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I have incorporated a S-corp almost 2 yrs ago in Nevada. Recession slowed my plans. I did not realize until now that I have to file taxes even if I have no activity. Do I have to penalty? Can there be any good reason to avoid penalty? Please suggest.
Answer
You sure do. I don't know what it is in Nevada, but your Federal penalty was $89 per month/per shareholder. I heard that was changing to $110 but haven't seen it yet. In AZ it is $100 per month/per shareholder.
There is not really a good excuse for not filing. More like than not, you never filed for an extension.
Marc Barnes
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Answer
The penalty was due starting in April. You still need to file tax returns for all years that you were in business. If you dissolve it today, you are still required to file a tax return for 2009.
Marc Barnes
Comment
Thanks!!
Do I still owe penalty if I dissolve the company now?
Thanks