North Carolina Business Taxes


D

Dick Adams

This was posted for Rhicky
--------------------------

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?
 
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P

Paul Thomas, CPA

Dick Adams said:
This was posted for Rhicky
--------------------------

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?





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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