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    2 Replies Latest reply on Mar 4, 2009 3:09 PM by Ccorp316

    C-corp back taxes

    Ccorp316 Newbie
      Hello, I own a C-corp with a partner with a DBA that we have been doing business under since 2005 in MA.
      We have not filed state or local taxes yet because we haven't really made any 'profit'. We are starting to make money this year and are wondering what our options are. We did make money in the previous years but believe under the law owe no money because there was no profit to tax. There are some sales taxes we owe (again haven't paid them - been ultimately irresponsible)

      One option we were considering is dissolving the corp and DBA then start a new one - we are not sure of the legal ramifications of this.

      What are we looking at if we do file - which is what we will be trying to do this and next week. Perhaps we will figure out all penalties and late fee, interest etc... and get a payment program?

      Again all we owe (we believe) will be sales tax to MA - MA filing fees $100 a year and the $456 excise tax a year MA requires. Not sure if we will owe Feds anything?

      Does anyone have any suggestions or info short of contacting a CPA? obviously that would be wise, but includes time and money I feel as though we screwed up pretty good but want to straighten it out. Does this stay with th the C-corp or can they come after us directly?

      Thanks in advance - giant weight on our shoulders needs to be removed.
        • Re: C-corp back taxes
          LUCKIEST Guide
          C-corp back taxes, Welcome

          There are a lot of businesses that start off (like you) and postpone doing their taxes.
          Look at Tom Daschle (Senate Minority Leader) who did not pay his taxes.
          Yes you should talk to an Accountant (again it does NOT have to be a CPA).

          The sooner you get this weight off your shoulders, the sooner you can get your minds back on your business.

          Good luck, LUCKIEST
            • Re: C-corp back taxes
              Ccorp316 Newbie
              thanks for your quick reply. Can you or anyone suggest an online business accountant or somewhere I can research such things?

              I do know an accountant but because of the time of year he is extremely busy and would also cost money, if I could get an appointment - need to do something soon because of March filing for corps. so at least research in the meantime. That's one reasons I am here.

              I do vaguely feel better knowing I am not alone in this boat - maybe they will give us the congress member discount :)