Have a Tax Question? Ask a Tax Expert
Most likely the companies have filed Form 1099 as Form 1099s are required for medical and health related payments.
You should go ahead and file the tax returns for the S Corp since the start of the S Corp and also the personal tax returns.
Statute of limitation do not apply on unfiled tax returns and hence IRS can go back and request the prior year tax returns. hence, it is advisable that you file these returns ASAP>
You can request a tax account transcript from the IRS by calling their number 1-800-829-1040. This will provide you the information that IRS has for your account based on all the Form W2, 1099 etc filed in your name
ok I understand. Any other advice?
Now since I have not filed returns for my S Corp will I have to file as a C Corp?
If you did not file for S election than yes, you will have to file it as a C Corp since you will not qualify for relief for filing a late S Election too.
Since you have 30 days time, you need to file the returns ASAP. you may want to contact the officer in charge of your case to request additional time, in case you need some more time.
It is better to handle the matter now and not delay it as if the IRS make a proposed assessment, the tax liability will be huge and getting it resolved may be time consuming and expensive.
thanks, XXXXX XXXXX