Hello,
My husband and I formed a corporation in New York State on December 3, 2012, and then filed for S-Corp status with the IRS. We received a letter from the IRS stating that our corporation would be treated as an S-corp starting January 1, 2013.
We have received no income from the S-corp. We created a website that is not profitable, but since we thought it might be profitable one day and wanted to protect ourselves, a member of the Small Business Administration's mentoring program advised us to form an S-Corp. We are now likely going to dissolve it altogether since the project isn't really going anywhere.
We did not file any forms for 2012 and have been advised by an accountant acquaintance to file forms 1120-S and form K1 for the 2013 tax year. I have printed these out and we will try filling them out on our own. It occurred to us in going through all the information online that we may have misunderstood that we in fact needed to file a tax return for the 3 weeks that we were an incorporated entity in December 2012. We thought that since we were an S-Corp starting in January 2013, that we had to file for the 2013 tax year, not the 2012 tax year.
We are new to all of this and we are very concerned about getting penalized for this error. I would love any professional advice on how to handle this. I have called the IRS multiple times but keep getting redirected to their website, where I have been unable to find answers to my questions.
Thanks for your help!
My husband and I formed a corporation in New York State on December 3, 2012, and then filed for S-Corp status with the IRS. We received a letter from the IRS stating that our corporation would be treated as an S-corp starting January 1, 2013.
We have received no income from the S-corp. We created a website that is not profitable, but since we thought it might be profitable one day and wanted to protect ourselves, a member of the Small Business Administration's mentoring program advised us to form an S-Corp. We are now likely going to dissolve it altogether since the project isn't really going anywhere.
We did not file any forms for 2012 and have been advised by an accountant acquaintance to file forms 1120-S and form K1 for the 2013 tax year. I have printed these out and we will try filling them out on our own. It occurred to us in going through all the information online that we may have misunderstood that we in fact needed to file a tax return for the 3 weeks that we were an incorporated entity in December 2012. We thought that since we were an S-Corp starting in January 2013, that we had to file for the 2013 tax year, not the 2012 tax year.
We are new to all of this and we are very concerned about getting penalized for this error. I would love any professional advice on how to handle this. I have called the IRS multiple times but keep getting redirected to their website, where I have been unable to find answers to my questions.
Thanks for your help!
via Small-Business-Forum.net http://ift.tt/1jguAB5
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