I have a single member LLC and 2017 was my first year as an S-corp, with election made as of 1/1/17. Prior to that my business filed a Schedule C (disregarded entity). Unfortunately I completely forgot that the 1120S deadline is now March 15th and not April 15th. So I now am late in filing my 1120S and did not request an extension. Once I file, I expect to receive a penalty letter in the mail at some point in the future. At that time, I will request the First Time Abatement, which I should receive since I have timely filed and paid for all previous years.

My question relates to whether or not my business, as employer, can make the SEP IRA contributions at all for 2017, since technically they will not have been made by the tax filing deadline, including extensions. Since I didn’t file an extension, it’s my understanding that a SEP IRA contribution made now would apply to 2018, not 2017.

But if I request a FTA, would that possibly apply to both the filing deadline AND the SEP contribution deadline? In other words, if they allow the abatement for the late filing, would it also apply to the late employer contributions into the SEP accounts?

Thank you!