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ing to the IRS, the penalty for not filing Form 1120 by the due date (including extensions) is 5% of the tax due for each full or partial month that the return is late, up to a maximum of 25%. The minimum penalty for a return that is more than 60 days late is the smaller of $450 or the 100% of the unpaid tax due.
Purpose of Form Use Form 1120, U.S. Corporation Income Tax Return, to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
Remember, Form 1120-S is for the corporate entity (your S Corp), while Form 1040 is for your personal taxes. To file your personal taxes, you need to first complete your S Corp tax return. You must file your business and personal returns separately.
A domestic corporation must file Form 1120, U.S. Corporation Income Tax Return, whether it has taxable income or not, unless its exempt from filing under section 501.