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1 The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. 2  If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. 2  Tip: The late filing penalty can be 10 times higher than the late payment penalty.
Here's how the penalty works. If you don't either file your 1120S tax return or extend the tax return on or before the original return due date (typically March 15), the IRS assesses a penalty of $195 on March 16 for each K-1 you didn't file on time. As you may know, an S corporation owes a K-1 for each shareholder.