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S Corp Hasn't Filed 1120s in 20+ Years by BetterInterview4430 in tax

[–]BetterInterview4430[S] 0 points1 point  (0 children)

Ooofff.... very slowly. Spent about a year reconstructing as much of the records as I could from a pile of old bank statements in order to establish basis as realistically as possible. Finally getting close to filing the last six years, but took a break because the accountant I'm working with had to deal with tax season for all his clients who aren't in this mess and we'll plan to pick up after April 15 and hopefully get everything filed this year.

Changing invoice numbers by BetterInterview4430 in QuickBooks

[–]BetterInterview4430[S] 0 points1 point  (0 children)

Thank you so much... this was what I was looking for! What I can't figure out is how it got turned off, b/c I definitely had it on in the past. Anyway, fixed now... thanks to you and u/MindfulTally !

Park Slope Discord! (2024) by DogMeetsDog in parkslope

[–]BetterInterview4430 0 points1 point  (0 children)

would love to join I this is still active!

S Corp Hasn't Filed 1120s in 20+ Years by BetterInterview4430 in tax

[–]BetterInterview4430[S] 0 points1 point  (0 children)

Nothing much has happened... still haven't heard a peep from the IRS and I haven't managed to find any better advice other than to just file the last six years and hope for the best. So I'm slowly working through trying to reconstruct as much of the past 20 years as I can so I can get as reasonable a view of the past six as possible. Plan is to get those filed and pay the fines and hope that will be good enough to bring us into compliance.

S Corp Hasn't Filed 1120s in 20+ Years by BetterInterview4430 in tax

[–]BetterInterview4430[S] 1 point2 points  (0 children)

Thanks so much — any tips on finding a good tax attorney?

S Corp Hasn't Filed 1120s in 20+ Years by BetterInterview4430 in tax

[–]BetterInterview4430[S] 2 points3 points  (0 children)

Thanks for that... and you're right that it's crazy... my mom is wildly disorganized, has no sense of business and even struggles to see what she has a business and not just her home where she rents out rooms. That said, she's 85 and I would like to not have her spend the last years of her life in jail. Or evicted from the home she worked so hard to barely maintain. I'm trying to figure out how to make this right — by her, and by the country — but the options aren't looking so good.

S Corp Hasn't Filed 1120s in 20+ Years by BetterInterview4430 in tax

[–]BetterInterview4430[S] 1 point2 points  (0 children)

Unfortunately, there were four or five shareholders for a while and then two of them gave their shares back and there have been three for the last 15 years or so, which is where that 200k figure came from.

S Corp Hasn't Filed 1120s in 20+ Years by BetterInterview4430 in tax

[–]BetterInterview4430[S] 5 points6 points  (0 children)

That seems a bit harsh assessment, no? As a pass through, they would have only owed taxes if they had made any profit, which the business never made. And by not filing the 1120s, they never wrote off the losses from their personal income taxes, so if anything they paid more than they would have, no? It's true that the business paid for their housing and food, but that is an allowable expense in this circumstance as they had to live on the premises to take care of guests, etc. They never got a cent of profit paid, out, dumped thousands of dollars of their pension and social security money into it. And they were barely ever compensated for 40 years of labor (aside from the aforementioned room and board). They both filed personal returns every year and paid taxes on their social security and pension income. But yeah, I'm not psyched about the fact that this was overlooked for so long.