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    3 Replies Latest reply on Mar 7, 2009 1:40 PM by Ryan524

    I Showed A Loss - Can I Be Penalized

    NoBullFunding Scout
      Hi All,

      So here is my story: I opened and closed a business in 2008, and lost a bunch of money. I did my federal corporate return on my own with no problems, but I'm finding that the state corporate return is extremely complicated and hard to follow.

      Here's the question: Knowing that my corp lost money and doesn't owe tax to New York State, what's the worst that would happen if I made mistakes on my state corporate return? I don't want to pay someone to prepare the state corporate return after I've already done all my others (personal state & federal; corporate federal), so I'm pondering if I should just do my best and send it in.

      Any thoughts?