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S Corporation Late Filing Fee Skyrockets
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.
Written by DoktorThomas, January 28th, 2010
Filed under: S-Corps & Taxes
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