So you set up a business, got incorporated, but failed to file all or some of your 1120 or 1120-S returns.
Why Didn't you File your Corporate Tax Returns?(Common Explanations)
- Your books are a mess and you never got around to cleaning them up.
- Your accountant was expensive, too busy or deceased.
- Your business is rocking and you just didn't find the time to be tax compliant.
- You're unsure that being a corporation was the right entity for your business.
Why You Should File your Corporate Tax Returns?
- It's hard to get financing if your corporation is out of tax compliance.
- The IRS could pursue you for criminally or for an extensive tax audit if you don't file.
- Getting your books clear and filing your corporate returns will help you learn if you are profitable or not.
- Filing corporate returns, particularly S corp returns, is essential for filing your individual 1040 returns.
What if you don't want to be a Corporation?
If you never filed a corporate return, you could consider your entity a "just-kidding corporation," close it, and just file individual returns on your profits or losses.
How can WATAX solve your Corporate Tax Filing Issues?
Expert, Expedient Bookkeeping – We have Quickbooks "Certified Advisors" on staff who can quickly get your books up to speed.
S Corp or C corp Tax Prep – Expert preparers are ready to do your tax returns quickly as needed.
Owe taxes or penalties (?) – WATAX are premier tax resolution pros, with over 30 years of experience, helping with penalty waiver, settlements and livable installment agreements to sort out your tax liability.
IRS Research – We'll find out where you stand as a corporation or an individual with your tax compliance, getting transcripts, identifying tax liability and it's expiration dates while finding out where you stand with the IRS (without stirring up the bee's nest).
Business Entity Guidance – Not sure about being incorporated? Wondering if other entities are better suited to your growing business. Experts will be available to discuss and help you sort out.