NYS Tax Penalties for not filing Dear Tax Guru:
In 2007 a friend and I started our Scorp. Within a year my friend got married and relocated to GA. Due to my friends relocation, we never had the opportunity to do any business. Since we were not doing any business, I did not file any taxes. I honestly, wasn't aware I had to file since the business was not operating.
Our corporation has no bank acct, credit lines, property, loans employees etc. as we never did any business. However, I did file the quarterly sales taxes as I thought that was sufficient. October 2010, I received a letter from NYS stating that I owed taxes for 2008, 2009, 2010.
I completed to tax forms and returned them showing no income/loss. Then i received a letter stating I didn't file a CT-6 shareholder election form and therefore was not being treated as an scorp. Today I received the tax statements saying I owe a substantial amount of money in taxes and penalties as an scorp. Is there anything I can do with regards to the penalties like get them reduced/waived? Should I fill out the Ct-6?
I'm worried, can you please help me? |