Forgot to file 1120S Extension

6 replies
62 views

For 3 of my clients I totally forgot to file the extension on 3/15/2021

I know it is too late to file the extension today.

My question is, if I file it today then would the return only be considered one month late - or does filing an extension not change the amount of month filed late?

for example:

extension filed late on 3/18/2021 -> return filed on 3/30/2021 => one month late filing penalties (Which I probably can get an abatement for because it is the first time this happened).

But what if exentsion 3/18/2021 late filed -> then I file the return on 4/30/2021 - > will the late filing penalty be for 2 month then (although the extension was late filed on 3/18/2021)

So my question bascially is if filing an extension makes sense at all anymore or does not help to keep the damage lower...

Has never happened to me before - totally forgot for those 2 clients this year...

ProSeries Professional

This topic has been closed for replies.

D

Dave Kropp

Level 4

You can request first time penalty abatement if they have a clean track record for last 3 years.

H

h0250722Author

Level 4

Thanks, I know that. I was just wondering if an late filed extension does help at all at this time - and if this is somehow keeping the late penalties to just one month if filed today - or if it does not matter at this time anymore.

dkh

Level 15

If it were me.... I'd mail the extensions even though it's late- use a postage stamp not metered postage that has the date on it. Who knows, maybe it'll be entered into IRS system as timely filed and you'll never receive a late notice after return is filed.

As for one month or two for late penalty---- two (I think).

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