I missed the post office by less than 5 minutes yesterday because I got stuck in traffic so I could not mail the S-Corp returns (Fed & State - California) until today.

I will have to pay these penalties out of my paycheck so I want to know how much I need to budget for. I am sick over this.

Do they ever waive or reduce these fees? We have always filed on time before.

Thanks.

“Do they ever waive or reduce these fees? We have always filed on time before.”---> Even if you file your taxes one day late, you are responsible to pay on the tax payable for the entire month. Starting in 2010 the late filing fee for S-corporation returns ,Form 1120S, incfrrased. The previous monthly penalty was $89 per month or part of a month per share*holder ; it is now more than doubled to $195 per month per shareholder.