This was posted for Rhicky
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Taxpayer located in North Carolina last filed 1120S (Fed and state) for tax year 2000. Last year indicator not selected. Business declined. Closed business location in May 2002. Wrote last check from business account in June 2003 to pay off final creditors. Taxpayer recently received letter from NCDOR indicating no return file for tax year 2001.
What is best way to proceed?
"Dick Adams" wrote
File Federal and NC State corporate tax returns for 2001, 2002, and 2003 indicating on the 2003 returns that those are final returns.
Wait until the notices come in on all three years about late filing and/or late payment (some net worth or excise tax may be due to the state) and see if you can beg out of most of the penalties due to the facts and circumstances.
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