Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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?
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
7/18/2017
NYCLAWYER
NYCLAWYER, ATTORNEY
Category: Tax
Satisfied Customers: 62,190
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.
Ask Your Own Tax Question
Customer reply replied 11 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: 2,408
Experience: Certified Public Accountant
Verified

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?

Ask Your Own Tax Question
Customer reply replied 11 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: 2,408
Experience: Certified Public Accountant
Verified
Mark Taylor and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
2,408 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My son is will be due a federal return of $6.00. It's not
my son is will be due a federal return of $6.00. It's not worth the trouble of getting, especially as he doesn't have an account in the USA. Can it be deferred, declined, or contributed to some good c… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Is there a Federal or Utah State law that requires non-
Hi! Is there a Federal or Utah State law that requires non- profit, 501(C)3 charities to return a donation if the donor asks (the money is not being used as per the donation)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
337 satisfied customers
My CPS has filed my federal tax return electronically and as
My CPS has filed my federal tax return electronically and as a confirmation has only provided to me a tracking number assigned by IRS (long 20-digit number). Is there a way to confirm what has been ef… read more
Carter McBride
Carter McBride
LLM
1,132 satisfied customers
I owe federal and state taxes. If I get on a payment plan
I owe federal and state taxes. If I get on a payment plan for both can I still get my tax returns? … read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
147 satisfied customers
Will my State Taxes be processed soon and returned to me.
Will my State Taxes be processed soon and returned to me … read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
147 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
I filed my state and federal taxes electronically and then
I filed my state and federal taxes electronically and then realized that I accidentally omitted something that significantly changes my refund from the federal and my payment to the state. I need to f… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
My return indicates an error at State Taxes & Interest
My return indicates an error at State Taxes & Interest worksheet, indicating I have to fill in " 1.b.2" I can not do that because I haven't lived in any state other than FL during 2017. I don't know h… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
State and federal tax question. My wife creates jewelry at
State and federal tax question. My wife creates jewelry at home to sell. She sells it online and to the general public. She sells it to individuals and at events. She does pay N.C. state tax quarterly… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
My wife and I filed separate federal and state returns
My wife and I filed separate federal and state returns because she was living and working in Illinois (separate property state) and could be considered a non-resident due to the safe harbor rule. She … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I used Turbo Tax to prepare my federal and state tax
I used Turbo Tax to prepare my federal and state tax returns. I specified to e-file both. I found out later that neither were filed. WHY? my printer doesn't work so can't print my returns. How do I ge… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
I need to amend my federal and State return to correct
I need to amend my federal and State return to correct "Payer Federal ID Number". … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
What are the different federal and state tax brackets for
What are the different federal and state tax brackets for someone on social security and receiving some rental income?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My Federal and Oregon State tax returns submitted through
My Federal and Oregon State tax returns submitted through you have been lost … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
Can the state of Oregon offset a federal return for non-tax
Hello! Can the state of Oregon offset a federal return for non-tax related debt. I have an outstanding balance on my student account at a state university. The state has already offset my state return… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My State and Federal 2017 Tax returns were completed and
My State and Federal 2017 Tax returns were completed and checked and then submitted electronically to both. I have received a letter from the State and am unable to attach letter to this commication.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
TAXES: Taxpayer owes Federal and State taxes for previous
TAXES: Taxpayer owes Federal and State taxes for previous years and has established a re-payment plan with both agencies. Can the taxpayer claim the taxes paid to the State of Maryland on his Federal … read more
Carter McBride
Carter McBride
LLM
1,132 satisfied customers
I received email stating that our 2017 federal tax return
I received email stating that our 2017 federal tax return prepared via TurboTax had been completed and filed and accepted by the IRS but no refund amount was stated therefore current refund amount and… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,249 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x