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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 581
Experience:  10 years experience
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Since neither I nor my other business members have been

Customer Question

since neither I nor my other business members have been paying taxes, state or federal income, would going back and making my business current with the state arise the attention of the federal government? prompt them to audit me or some undesired action such as this....should I leave everything alone, reincorporate my company under a different name and change information with whom I do business?
Submitted: 7 months ago.
Category: Tax
Expert:  Mark Taylor replied 7 months ago.

Hi, can I get more information regarding your situation. What kind of entity is this? What are the profits or losses that are being generated? By not filing and bringing the taxes current the statute of limitation on this would remain open. Please give me some additional information and I can give you better guidance.

Customer: replied 7 months ago.
I have an s-corporation (sole member -director) which I generate approx. 5k month profit on....and most importantly a domestic LLC, with two members which generates approx. 7k profit per month...
Expert:  Mark Taylor replied 7 months ago.

I would suggest bringing the taxes current on both entities. This will also require you to file your personal returns for these time periods. If the LLC is generating income, it would have likely received 1099's for this income. The IRS will have a report of this income and not return associated.