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McKinney Texas Form 1120-S (Schedule K-1): What You Should Know

If a court terminates the company's tax case before all tax due is paid, the company may not be paid and may be dissolved and the assets transferred to the State Treasury. This is a civil action. Possible consequences. If a corporation fails to file its Schedule K-1(s) and all Schedules K-2 and K-3 (Forms 1120-S and 1120-S) before May 18, 2022, the corporation is liable for penalties for each failure. The penalty for failure to file Schedule K-1(s) or Schedule K-2  (Form 1120-S) is a penalty of 30 percent of the amount of tax due for the taxable year which includes the date the return was due. The penalty for failure to file Schedule K-3  (Form 1120-S) and Schedule K-1(s) (Form 1120-S) is a penalty of 100 percent of the amount of tax due unless: (1) the return is filed by May 18, 2022; (2) the return is not filed until June 16, 2022; (3) the return has been filed after (4) the return has been issued, amended,  and refunded and the tax liability is corrected. The penalties may increase with the amount of tax due, each failure, and any previous delinquency. If a corporation fails to file the Schedule K-1(s) and all Schedules K-2 and K-3 (Forms 1120-S and 1120-S) within 30 days after being notified of a delinquency (or before the date the returned tax is due), the corporation is liable for the amount of the tax due. If a corporation fails to comply with the rules in this paragraph B because it cannot produce the required documents, the corporation will be liable for the following penalties: (1) a penalty of 25 per schedule for each schedule required to be filed. (2) a penalty of 10 per schedule for each schedule not required to be filed.

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