Forgot to File Taxes for a $0 inactive S-Corp in 2022

[oregonnowandthen]

I just realized that I forgot to submit my tax return for an S-Corp I started in 2020.

It never ended up going anywhere so no money has been made or spent in 3 years.

I filed an 1120s in 2021 but I forgot to in 2022.

I just filed for 2023. But we are dissolving the S-Corp this year.

Will this be an issue? Does anyone have any experience with this.

 

[georgefeege]

@oregonnowandthen Late filing penalties are per K-1 per month the return is late. However, provided 2021 and 2023 were timely filed, then you can request first time penalty abatement.

 

[psalms119]

@oregonnowandthen File the 2022 return soon as possible and prepare a letter to request first-time penalty abatement. You may have to amend your 2022 personal tax return to include the $0 activity K-1 -- but since it won't have any tax effect, you may be able to pass.

If you do and get a notice from the IRS for a matching error with the missing 2022 K-1, just prepared to show support that it would not have changed the tax outcome on your 2022 personal return.