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I am filing 2007-2010 this month. I was in a very bad car

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I am filing 2007-2010 this month. I was in a very bad car accident in 2007 and spent almost two years in and out of the hospital. I have a small S corp that was highly profitable before the accident. Unfortunately, my business was destroyed and I lost my home to foreclosure as a result of this accident. The S Corp lost a substantial amount of money in 2007 and I made very little in 2008 and nothing in 2009 and 2010. I have most of the documents needed to have the returns prepared ( Virginia sent me an assessment based on past income. Which, of course, I'm asking them to hold off on collection for another 30 days so I can file. Does a situation like this trigger a full field audit? I have most everything to validate this, but I would rather not have the stress.
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Welcome. THANK YOU for choosing Just Answer. My goal is to help make YOUR life, a little...LESS taxing.

Q: Does a situation like this trigger a full field audit?

A: Not necessarily. However when a person does not file for a number of years, this raises concerns. Unless a taxpayer communicates with the taxing agency, the taxing agency really doesn't know what's going on. They could think that the taxpayer is simply ignoring them. As you were dealing with a serious medical situation, I would think that you have reasonable cause for not filing, and the Virginia Dept. of Taxation should grant you the additional 30 days to get all the paperwork together. Note that even though you have a reasonable cause does not necessarily mean that penalties and interest will be waived, though in some cases, when a taxpayer has reasonable cause for not filing, some, if not all of the penalties and interest can be waived.

-----------------------------------------

To get an idea as to what your taxpayers rights are, you may want to refer to the Virginia Taxpayers Bill Of Rights found at the following link;

http://www.tax.virginia.gov/documents/BILLOFRIGHTS.pdf

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2579
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
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