Form 1120-S is the S corporation's annual return, due March 15 for calendar-year companies, reporting income and passing it through to shareholders on Schedule K-1.
The corporation generally pays no federal income tax; shareholders report their share. The return also reports officer compensation, which is where the reasonable compensation issue shows up.
Late filing carries a per-shareholder, per-month penalty, and the K-1s cannot be issued until the return is done, which delays every owner’s personal return. Reasonable compensation.
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