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we started a business in 2007 dropshipping items. we had 200

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we started a business in...
we started a business in 2007 dropshipping items. we had 200 dollars in sales, but over 8500 dollars to start the business. the state of wisconsin is asking for a franchise tax because the was no form filled out for wisconsin in 2007. now they nailed us 1700 dollars estimated tax amount due. please help me get this straightened out. lisa
Submitted: 7 years ago.Category: Tax
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Answered in 3 hours by:
10/4/2010
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 7 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Dear XXXXX -

 

Wisconsin is agressive in mailing "estimated" assessments. The purpose of the assessment is to get the taxpayer to file. In almost all cases, the estimated liability is far in excess of the actual tax. Once the return is filed, penalties and interest will based on the actual tax (if any). There will probably be late filing penalties and interest, even if there is no tax, but it will be much less than the assessment. You can expect assessments for 2008 & 2009 if those have not been filed.

 

You may want to contact a professional to assist you if you find the forms confusing.



Edited by Steven Meyerson, CPA on 10/4/2010 at 1:27 AM EST
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Customer reply replied 7 years ago

what happens if there is no sales for this year and loss for the other years

 

Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 7 years ago
Dear XXXXX -

You are still required to file the forms. If no business transacted, check Box G of Form 4 (see page 16 of instructions), link below. The minimum late filing fee for each return is $30 plus interest.

http://www.revenue.wi.gov/forms/2009/09ic-100.pdf
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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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