1120S Never Filed.... I am helping out a friend who has himself in a tight spot. He set up a company in 2007 and formed an 1120S. He never created company minutes, opened a bank account, issued payroll. He also never filed and 1120S tax return, but reported all the activity (mostly losses) on schedule c of his personal tax return. For what I have found, he should amend all personal returns and file 1120S for each year, but he would be hit with HUGE failure to file penalties. I want to help get him back on track, but am unsure of how he should proceed.
Just as an additional FYI he has not received any correspondence from the IRS asking where his tax returns are?! |