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Forgot to file 1120S Extension

Level 2

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...


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6 Replies 6
Dave Kropp
Level 3

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

Level 2

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. 

Level 11

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).

Level 15

I wouldn't bother with an extension now.  Just put the returns at the top of your list and get them done as soon as possible and then use your get out of jail free cards on those returns if the client receives a notice.  

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
Level 2

Yes thanks, I am willing to prep them today but some clients just need forever to get their stuff over to me... this is why I was thinking if an extension even makes sense at this point. They probably wont be ready to file before May... grrrr

Level 15

Well, if they didn't call you to tell you to file an extension, the late filing is on them, not you. Clients can't assume that their babysitters are going cover for them forever.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)