S corp forms not filed, how do get extension? (2 yr problem)


C

chilecayenne

Complete noob here...I just ran into a problem I found last
night, and am in a time crunch.

I formed an S corp in Jan of 2003. I didn't expect any
income...and didn't get any that year, nor this year...only
some expenses.

Being it was a simple thing, I tried doing things
myself....I got the Taxact business package. Filled it out
the first time, and thought I got it right...it prompted me
for personal and business questions.

I was doing it again this year. At the end, before I
submitted, I noticed something. There was on 1120S form. I
looked on my desk top, and there was a 2nd application to
run for this. I looked in horror...there was one for last
year too. I went back and looked....and I did not submit one
for last year either....the application had prompted me for
schedule C sole proprietorship.

Now, with a little more research, I'm finding myself more an
idiot...I missed that you have to do S corp stuff by March
15th.

To throw one more wrench in it all....I'm leaving for
vacation out of the country over the weekend, and can't get
back till after April 15th. So...no time to find and get
with a CPA....

Can I fill out some kind of extension to give me time to
find help, and get this right...submit some kind of amended
return when I get back?

Yes..I know I'm an idiot....but, desperately need help.

Thank you,

chilecayenne
 
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T

TaxSrv

...
Can I fill out some kind of extension to give me time to
find help, and get this right...submit some kind of amended
return when I get back?
Once a due date has passed, an extension isn't possible.
However, for a one S/H entity, IRS shouldn't impose a
late-filing penalty. It relates to furnishing K-1s to
shareholders late. They'll know the 1120-S is late, but
whether the corp was late in giving K-1s to S/H they cannot
assume. Sounds silly, but if they sent you a $50 penalty
notice, you actually have the option of responding that you
were furnished your K-1 timely. :)

Fred F.
 

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