Tax penalties imposed by the IRs can be thousands and thousands of dollars.
It is recommended that you contact a tax professional to help you with your tax filings.
When you file your S-Corp return late, penalties are usually around $2,400 multiplied by the number of shareholders /per year. There are ways to remove penalties for the late filing of the tax return. One of the ways to do it is to present your case to the IRS verbally. Here is an example of how Tatiana Loughman, EA removes penalties by talking/submitting reasonable cause statements to the IRS.