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If a company is a corporation and doesn't file a tax return;

If a company is a...
If a company is a corporation and doesn't file a tax return; federal or state, because the company had negative revenue or, basically spent more than revenue, is there an IRS penalty?
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Answered in 7 minutes by:
7/18/2017
NYCLAWYER
NYCLAWYER, ATTORNEY
Category: Tax
Satisfied Customers: 59,518
Experience: BUSINESS LAWYER
Verified
Still need to file even if there is a loss. Practically no penalty will apply except return will need to be filed.
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Customer reply replied 7 months ago
Could you please be more specific? What does 'practically no penalty' mean?
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,394
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your question. What type of corporation is this? Is is a C Corporation or S-Corporation?

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Customer reply replied 7 months ago
C corp

With a C-Corporation the penalty is based on the taxes that are owed. So there would not be a penalty associated with a late filed return if there is a loss.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,394
Experience: Certified Public Accountant
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Mark Taylor
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