Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-10-2011, 09:35 PM
Junior Member
 
Join Date: Jan 2011
Posts: 2
NYS Tax Penalties for not filing

Dear Tax Guru:

In 2007 a friend and I started our Scorp. Within a year my friend got married and relocated to GA. Due to my friends relocation, we never had the opportunity to do any business. Since we were not doing any business, I did not file any taxes. I honestly, wasn't aware I had to file since the business was not operating.

Our corporation has no bank acct, credit lines, property, loans employees etc. as we never did any business. However, I did file the quarterly sales taxes as I thought that was sufficient. October 2010, I received a letter from NYS stating that I owed taxes for 2008, 2009, 2010.

I completed to tax forms and returned them showing no income/loss. Then i received a letter stating I didn't file a CT-6 shareholder election form and therefore was not being treated as an scorp. Today I received the tax statements saying I owe a substantial amount of money in taxes and penalties as an scorp. Is there anything I can do with regards to the penalties like get them reduced/waived? Should I fill out the Ct-6?

I'm worried, can you please help me?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-17-2011, 07:02 PM
Junior Member
 
Join Date: Jan 2011
Posts: 1
Any response yet?

Hello,

My story is just exactly same as yours. The only difference is - I have not yet received such letter from the government. I was wondering if you can share the penalty amount !!

Thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 01-18-2011, 02:50 PM
Junior Member
 
Join Date: Jan 2011
Posts: 2
Error

Hi xyz_abc, I actully called NYS and found out that I do not owe the amount on the notice of demand. I was a default calculation for not including the # of share holders. I am currently working with NYS to correct this error and an adjusted bill will be sent to me. I hope this helps you.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Seven Important Points about Penalties Samatg For 2009 0 03-17-2009 03:18 PM
Estimated tax payments and penalties finchie Estimated Taxes 1 12-28-2008 06:04 PM
Can I avoid late filing penalties if my 2006 partnership tax return is filed late? Redden Limited Liability Company 0 09-29-2008 07:58 PM
Penalties and Interest Amir Estimated Taxes 1 01-16-2007 09:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.