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Old 03-25-2010, 10:00 PM
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Forgot to file extension for C-corp

What do you do if you forget to file the extension for a C-corp on time? We know we will have a net operating loss and will not owe taxes.



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Old 03-26-2010, 08:44 AM
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Generally speaking, the IRS assesses late filing penalties for late filed C Corporation returns that based on the C corporation's tax liabilities (based on the corporation's net income) that are due.

Thus, if there is no C Corporation tax liability due, there really would be no late filing penalty assessed on the corporation! With your corporation's net operating loss, you really would not have any late filing penalty assessed from the IRS with respect to your corporation.

But, I would suggest that you attempt to file your corporation tax return as soon as possible to avoid incurring the State late filing penalties and interest on possible late payment of the franchise taxes.

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