Tax Tip Tuesday - February 24, 2015

Tax Tip Tuesday - S Corporations that file late returns face a stiff fine...$195 for each month late, up to a maximum of 12 months, multiplied by the number of shareholders in the firm. So where a one-owner S company lacked reasonable cause for filing 11 months late, the Tax Court upheld the $2,145 levy. (Roshdieh, M.D. Corp., TC Summ. Op. 2013-113)