My accountant said he filed an extension for my S corporation, which lost about $10,000 in 2018. If he indeed filed the extension, am I required by law to file taxes?
The extension filed for your S corporation extended the filing due date from March 15, 2019 (assuming the S corporation is on a 2018 calendar year end), to Sept. 16, 2019, the extended due date. If you do not file the return by Sept. 16, there is a penalty equal to $195 per month for each shareholder of the S corporation. The penalty (Section 6699 penalty) is assessed against the S corporation, not the shareholders.
For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.
Answered by: Anthony R. Deutsch, CPA, is a shareholder with Concannon, Miller & Co. PC in Bethlehem, Pa.