Q: What do I do if I have not filed my Corporate Tax Returns?
A: Corporate tax return are a declaration of the company's income, and not filing timely returns can raise the suspicion of the IRS. An IRS assumption that hiding income is afoot is possible if returns are not filed on time or at all. HUGE penalties for not filing or filing late can be imposed. A good tax attorney can develop strategies to deal with immediate tax liabilities created as a result of filing these returns. Delayed filing can also expose your corporation to undue liabilities and penalties over and above what should be the case when filing on time.