Anonymous
Not applicable

Get your taxes done using TurboTax

basically the letter would say that you just recently became aware that this return has been filed late.  we were under the impression that the due date was the same as for our personal return. that we have taken the following steps to ensure that it won't happen again - lists the steps like marking the 2021 calendar in each month Jan thru March that the business return must be file by 3/15 unless extended. 

maybe also that you put it on the calendar in your cell phones to alert you to filing.   since this is the initial return we request that the late filing penalties be abated

 

 

the reason I recommended a pro, is that a pro could look into your need to account for inventories. 

generally use of inventories requires the accrual method of accounting.  this is because if you're using inventory you would want to take into account items you have but haven't yet paid for.  also the accrual method would say you pick up income in the year you make the sale not the year you collect the billing.   many do it wrong and end up with income reported that's a combination of both methods.  so some years they over-report income and other years they under-report.  this is all too common and only presents an issue if the IRS or state audits the return.