Thank you for your follow up. Your reason would be that you filed an extension, and then filed your return on time with the extension.
The penalty could be abated in the following circumstances:
- The shareholders' individual returns are timely filed
- The corporation has never had the penalty waived before (easy since this is the first year of the penalty)
- The corporation does not have any unfiled returns and
- The corporation does not have a history of late filing
So, if you filed your return online with the S corp information, never had the penalty waived before, do not have any unfiled returns, and do not have a history of filing late then the IRS will likely abate your penalties.
They will not abate your penalty, unfortunately, for the issues that you outlined in your response.
Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.
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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.