It’s easy to fill out a business tax return these days using any tax software program.
But just entering the information is not enough to avoid…
Having your business taxes flagged for a very Costly Tax audit.
Or Mistakes in the correct tax treatment of items.
Overpaying from missed deductions.
Penalties from mistakes or being innocently sent to the criminal investigations division of the IRS.
Unfiled Delinquent Corporate Returns, How To Resolve Them
Maybe you feel guilty, maybe you got an IRS letter about it or maybe someone keeps nagging you about it. You must file your corporate returns.
If you had a preparer in the past who just put number on the forms, now is the not the time to repeat that mistake.
There are many accounting and tax determinations and elections to consider. Many will save you a lot of money or prevent an audit.
Do the smart thing, hire an experienced CPA firm.
I’ve helped many companies handle their unfiled delinquent corporation returns. Sometimes they didn’t even have to pay the tax liability!
Unfiled Delinquent Corporate Returns Form 1120 & 1120s For Your Business
If you have delinquent corporation returns to file, you are probably unaware of the various elections made on business returns that affect you. If you want to see what I can do for you, contact me.
Corporate Tax Return – Case
I had a client who owed a lot of taxes. The IRS revenue officer was treating his company as a sole proprietor since he didn’t open a corporate bank account. This taxpayer formed a valid corporation and didn’t file any documents to the contrary. I quickly obtained a corporate ID number, filed all delinquent payroll returns and the delinquent corporate return under the corporate ID number. Mailed the returns to the IRS processing center, who accepted them. Since the corporation didn’t have any assets, we liquidated the corporation. The only tax liability to my client was the trust fund (withholding and FICA) taken from the employees. He saved a lot of money by not paying the matching portion of the FICA, the income tax on the profits, and any of the interest and penalties that accrued.
Unfiled Delinquent Corporate Returns – Benefits
The case above represents the type of benefit you get with quality, experienced representation. It sure beats just hiring someone to prepare the delinquent corporation returns. Most CPA’s can prepare tax returns.
Form 1120, 1120s Corporate Return Filing Deadline
File by the 15th day of the 3rd month following the close of the tax year.
Form 1120, 1120s Corporate Extension To File
File form 7004 to get an additional 6 months for your business extension.
- If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
- Think your IRS matter is handled? Think again!
- For your Unfiled Delinquent Corporate Returns analysis, click here to contact us.