Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
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: 58,496
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 4 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: 2,361
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 4 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: 2,361
Experience: Certified Public Accountant
Verified
Mark Taylor and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,361
2,361 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

1,300 satisfied customers

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

Richard

Richard

Tax Attorney

4,336 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

13,906 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 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.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
W, is there a amend tax return there at IRS there for me? My
Hi, my name is ***** ***** Miller, is there a amend tax return there at IRS there for me? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
40 satisfied customers
I haven't filed taxes state and federal since 1995 i never
I haven't filed taxes state and federal since 1995 i never owed anything I always got a refund my ex husband let a guy use my address as head of household that when all my trouble they had me proving … read more
abci168
abci168
Principal
27 satisfied customers
IRS auditing 2015 Federal Return regarding reverse mortgage
IRS auditing 2015 Federal Return regarding reverse mortgage accumulated interest on 1098 for $93k. Sent Form 886-A Worksheet for Qualified Loan Limit and Deductible Home Mortgage Interest. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
2,361 satisfied customers
Got a call stating I was being sued by irs for tax fraud
got a call stating I was being sued by irs for tax fraud while man was online I called local police with the number they gave me to call police told me it was a scam so I didn't listen to all he said … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
40 satisfied customers
I am worried about the irs doing a levy on federal payments
I am worried about the irs doing a levy on federal payments because of a letter CP504 I received this week for s previous tax year that is in the CNC. I've called local office. They confirmed the tax … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I LIVE IN OKLAHOMA AND MY STATE TAX RETURN IS FOR 10,843.00
I LIVE IN OKLAHOMA AND MY STATE TAX RETURN IS FOR 10,843.00 REFUND OTC TOLD ME THEY WILL NOT PROCESS UNTIL I GIVE THEM A ORIGINAL W-2 COPY AND PROFF THAT IRS ACCEPTED MY RETURN? WHY IS THIS SHOULD I B… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
I received a letter from the IRS stating that I owed taxes
I received a letter from the IRS stating that I owed taxes on money that I did not claim for 2015. However, I did claim it. They are counting it twice. I submitted all evidence that I have to the IRS,… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
Lev, I am preparing federal unfiled tax returns for a client
Good morning Lev, I am preparing federal unfiled tax returns for a client of mine. I am also ready to finalize the 2014 tax return and there is an NOL created on his return. The client has already fil… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
IRS Experts Corporation changed name. 2016 tax return has
IRS ExpertsCorporation changed name. 2016 tax return has been filed with a new name. Taxpayer recently received notice which has old name. How do we change the name with IRS?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
I need to get a copy of my 2015 state and federal tax. I
i need to get a copy of my 2015 state and federal tax … read more
abci168
abci168
Principal
27 satisfied customers
How can I get an extension to file federal and state taxes
How can I get an extension to file federal and state taxes for 2016 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
Triple tax free ny muni bonds are federal,state and city tax
triple tax free ny muni bonds are federal,state and city tax free. is this correct. if a ny resident moves to ct, do they only pay state tax on the ny muni or all three.… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
838 satisfied customers
I recently filed amended federal tax returns (1040x) for
I recently filed amended federal tax returns (1040x) for 2013 and 2014. I have received a refund for 2014 and am answering some additional questions for 2013. Do I need to file amended tax returns for… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
Income from federal return incorrectly transferred to state
income from federal return incorrectly transferred to state return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
IRS Federal Tax and State taxes: I filed IRS Taxes late as
IRS Federal Tax and State taxes: I filed IRS Taxes late as well as State taxes for 2012, 2013 and 2014 late in 202016. I have not received any response. I am concerned as this was more than enough tim… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 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