Yes, (and I don't believe that this requires something as "creative" as soiling your S-Corp election.
Have your CPA get them done (or honestly, look at someone different, if this person actually FORGOT to file).
If there was no revenue but costs still ensued, then you should have losses for each of those years.
As this flows to your personal return
via the K-1, you (given the information you've provided) may have a Net Operating Loss (more loss than income).
If a taxpayer is taxed during profitable periods without receiving any tax relief (a refund, or lowered tax liability
, for example) during periods of Net Operating Loss, an unbalanced tax burden results. So Congress allows taxpayers to use the losses in one year to offset the profits of other tax years
The basic rules
for using an NOL are as follows:
*Carry the amount back to the preceding two tax years and apply it against any taxable income
, which can generate an immediate tax rebate
. You can waive this action and instead proceed directly to the next step; if so, attached a statement to your tax return
in the year in which the NOL was generated, documenting the waiver.
*Carry the amount forward for the next 20 years and apply it against any taxable income, which reduces the amount of taxable income in those years.
*After 20 years, any remaining NOL is canceled.
Working through that, and the detail it requires, as it relates to your specific situation is not reasonable in this venue.
But I would sit down with a CPA, EA or Tax attorney and ask whether applying the NOL back to previous years and then having the unusable amount in hand to apply to future profitable years might make some sense.
Even if it can't be carried back, if your are consinuing in business, these 2013/14/15 losses can reduce FUTURE tax liabilities.
There is a statute of limitations
that applies to amending past returns for refund purposes, that starts with the due date
for your return.
So for 2012, for example, your due date was Apr of 2013. That means you can still amend for refund purposes until April of 2016, so IF the numbers support this, you need to be aware of that time constraint.
I've covered a couple of things at a very high level (big picture, looking at the forest, not the trees) You need to sit down with someone and ask them to crunch the numbers are it relates to 2013 and 2014 creating NOLs that can be carried back to 2012, as a place to start.