Question

S-corp taxes owed on form 1120s

Forum|Forum|4 years ago
October 18, 2021
1 reply
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I filed my 2020 taxes with turbotax business for my S-corp and turbotax premier for personal. I received a letter from the IRS stating that I have taxes due on my form 1120s. If an S-corp is a pass through entity and the company doesn't pay any taxes, how can I have a tax due on an 1120s? Has anyone experienced this before?

TurboTax Business Windows

Critter-3

Read the notice again ... does it say a late filing penalty and not income taxes ? If so when did you file the 1120-S?

Critter-3

And although the income is usually passed thru on a K-1 form it is not unheard of for the 1120-S to have a balance due for itself ... review your 1120-S form :

D

dl19599Author

I filed on March 7th and lines 22 through 27 are blank on my 1120s. The letter states "We are required to send you this notice informing you of the amount of taxes due on for your Form 1120s for the tax period ending December 21, 2019" It states to call the IRS with questions, but every time I do that it says they're busy and to try again tomorrow.