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Updated almost 7 years ago,

User Stats

136
Posts
5
Votes
Mike Nelson
  • Investor
  • Miami, FL
5
Votes |
136
Posts

IRS Penalty for late file on S corp, didt file extension

Mike Nelson
  • Investor
  • Miami, FL
Posted

So I recieved a notice today for a $1560 fine for an LLC taxed as S corp that I started beginning of this year. I didnt file the extension, as the SCORP didnt make a dime ( im an idiot). I realized after it was too late I needed to file a return showing I made nothing. So now I have a late filing Penalty of $1560 on a business that didnt do anything or make any money! Is there anyway to get this fined waived? I read an article by Brandon Turner about a similar scenario, but is it really as simple as calling and explaining that? Seems the IRS wouldnt care about my screw up....

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