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Q. I have an S corporation. I didn’t file my federal corporate taxes until June. Will I have to pay a penalty for late filing?
A. If you didn’t request and receive an automatic six-month extension for filing your corporate taxes, then yes, you’ll be subject to a late filing penalty.
The penalty is imposed on any S corporation or partnership that files a return past the due date, including extensions, or files a return with incomplete information.
For the tax year 2009, the penalty is $89 and is owed by every partner or shareholder for each