Welcome, Guest. Register Now!
   
Veiw New Posts View Todays Posts


» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 
Financial Planning
 
US Presidential Tax Policies
 
 
 



View Single Post
  #2 (permalink)  
Old 03-04-2008, 11:02 AM
TaxGuru TaxGuru is offline
Super Moderator
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 1,043
Blog Entries: 2
Sole Prop LLC delinquent filing tax liabilities?

I don't understand why you would have a Tax Problem at all! You have probably sustained a loss in your business, where are the tax liabilities coming from?

Am I missing something here? The Federal and Illinios State tax you in your net income from the Business, and if this is a Loss, then how would there be a question of a tax liability?

There would be no penalties once you file the delinquent tax returns. It really would be in your best interest to have a CPA to assist you in the filing of your all your past tax returns.
__________________
Ask TaxGuru
Please refer to the legal disclaimer.
Reply With Quote