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m-evuvu408-
New Member

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

I registered the business but didn't start operating. So,how do I file tax return on that,when I already filed last year ?
9 Replies
Mike9241
Level 15

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

what is the tax status of the business - sole-proprietorship or single-member LLC, multimember LLC or partnership, S or C corporation.

 

m-evuvu408-
New Member

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

It's a single member LLC. 

DanielV01
Employee Tax Expert

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

This sounds like you made a taxing election for the LLC to be considered either a C or an S corporation for tax purposes, (because if you didn't, it's a disregarded entity, sole proprietorship, and I've never heard of the IRS asking for a Schedule C of $0 to be filed in this scenario).  If you did make such an election, you would want to file the corresponding return, either an 1120-S or an 1120.  It won't have any income, but there are still details to report on the return.

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Critter-3
Level 15

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

When you got the EIN the IRS confirmation notice told you what form you had to file and when ... what exactly does that notice say?    

Nancy L
Level 1

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

Yes, you are right. Yes, it's an S-corporation. Thank you.

Nancy L
Level 1

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

Form 2553,Election by a small business corporation. 

Critter-3
Level 15

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

Crud ... you are VERY late.  A return MUST be filed every year by 3/15   until you close the business.  File the form now ASAP  and beg forgiveness from the penalty and promise to never do it again.  

 

 

Nancy L
Level 1

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

Ok,thank you.

m-evuvu408-
New Member

I filed my taxes last year. But didn't include a business that had not started. IRS is charging me about $500 or file the return. What can I do?

Apart from Form 2553, do I have to add Form - 1120s? Also,what about the F&E minimum tax return, that I have to pay $100?

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