What is the impact of continued losses on a C Corporation as far as IRS is concerned?
Dear TaxGuru,
I am a 50% owner in a New Jersey C Corporation. Since the Corporations inception since 2003, the corporation has sustained losses. These losses have continued and they have accumulated to over $100,000!
I am very concerned about these losses and how the IRS is going to view these losses and I have read somewhere that if a business losses money continuosly, the IRS may audit the business. Is this true and should my partner and I be concerned about being audited?
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