My accountant filed an extension for my S corporation that lost money, but am I required by law to file taxes?

by Anthony R. Deutsch, CPA | Sep 12, 2019
askacpaicon


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.

Disclaimer
The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Ask a CPA

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.

Search