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FAQ

How do I pay a late filing penalty for an S corp?
The IRS will send you a notice for the late filing penalty and there will be a voucher at the bottom of the letter to tear and an envelope to mail your payment.
How much penalty do I need to pay for late payment and filing of tax?
Interest under Sec 234A will be attracted @1% for every month or part of a month till furnishing of return of Income from the due date for furnishing return of income for the Assessment Year 2013–14 (i.e July 31, 2013), which comes to 41 months and Tax will be calculated as followsTax: 1,400Education Cess @3% on above: 42Total Tax: 1,442Interest U/s 234A: 574 (Total Tax amount is rounded off to nearest 100 rupees and 41% is applied)Total Tax Payable 2,016Return of Income for concerned previous year cannot be filed as per sec 139(4) of Income Tax Act, 1961Sec 139(4) : Any person who has not furnished a return within the time allowed to him under sub-section (1) (i.e July 31, 2013), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year (i.e March 31, 2021. or before the completion of the assessment, whichever is earlier
How do I fill out the SS-4 form for a new Delaware C-Corp to get an EIN?
You indicate this is a Delaware C Corp so check corporation and you will file Form 1120.Check that you are starting a new corporation.Date business started is the date you actually started the business.  Typically you would look on the paperwork from Delaware and put the date of incorporation.December is the standard closing month for most corporations. Unless you have a significant business reason to pick a different month use Dec.If you plan to pay yourself wages put one.  If you don't know put zero.Unless you are fairly sure you will owe payroll taxes the first year check that you will not have payroll or check that your liability will be less than $1,000. Anything else and the IRS will expect you to file quarterly payroll tax returns.Indicate the type of SaaS services you will offer.
How do I file income as payroll with a late S-corp election?
You can create one or several check(s) for yourself any time before Dec 31 and report that as W2 wages.  If you want to just count the distributions, you already took, you will have to go back and figure out how to gross up your pay so that the net comes out to what you have already received. How you are processing payroll will determine if it is easier to actually run a payroll for yourself or just manually adjust your earnings reports.  Just make sure you do everything in the fourth quarter for tax reporting purposes.  Don't forget that even though you already paid yourself, you are going to have to have the cash to pay the IRS and your state for the payroll and withholding taxes.
What is the guidance to fill out a W2 form for an S Corp?
You can fill in the W2 form here W-2 Form: Fillable & Printable IRS Template Online | PDFfillerThe W-2 form is one of the most frequently used forms by taxpayers.
How do I get IRS to abate penalties on 20 month late 6 figure tax liability?
Mark's answer is right on. You need professional help st this point, and you need a good CPA.. Failing that, you may soon see levies and other nasty consequences. You will get your own case officer, and some of those guys are not sympathetic to anything. Again, get a good CPA, NOW.
I received my late husband's W-9 form to fill out for what I believe were our stocks. How am I supposed to fill this out or am I even supposed to?
You do not sound as a person who handles intricasies of finances on daily basis, this is why you should redirect the qustion to your family’s tax professional who does hte filings for you.The form itself, W-9 form, is a form created and approved by the IRS, if that’s your only inquiry.Whether the form applies to you or to your husband’s estate - that’s something only a person familiar with the situation would tell you about, there is no generic answer to this.
Are members of a closed LLC personally liable for late filing penalty due to the I.R.S.?
Yes as a general rule members in an LLC would be personally liable for unpaid state and federal taxes of the LLCTypically an LLC would be filing as a partnership and therefore the actual tax liability would be to the individual members.  The partnership itself would not owe income tax, but may owe late filing penalties or employment or excise taxes , which the general partners would be personally liable for.If the LLC made an S election, then the same rule applies to taxation as partnership above.  Taxes on earnings are the personal responsibility of the individual members of the LLC.If the LLC was taxed as a corporation, you may be in luck if you are not considered a "responsible person", but otherwise you can be held personally liable for federal and state taxes in many cases.