I filed my Form 1120-S by March 15 but haven't paid taxes. What's the penalty and interest?
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Last modified 2/8/2021 2:24:31 AM EST |
Added by ExpressExtension Team
If you have filed the form 1120-S but have not paid the tax due on the regular due date, the IRS will charge 0.5% of your tax for each month or part of a month that the tax remains unpaid. The penalty cannot exceed 25% of the amount due. The penalty will not be charged if you can show reasonable cause for not paying on time.