S
Shannon FL
Guest
I've been in business for six years with two growing spa/salon businesses. I was always under the impression that I was an S-corp. The first year when I became incorporated my accountant handled the paperwork for me. However, I never knew I had to refile the corporate papers each year. Therefore, I have filed for 5 years with the IRS as an S-Corp, but in actuality I am back to being a sole proprietorship since I never updated my corporate information. (I have just found out that if I don't refile the corp papers that the corporation automatically dissolves.)
I am so absolutely petrified about telling the IRS (or my Accountant) about this screwup. I am very worried that with the income I have shown over the last 5 years that I am going to be hit heavily with penalties and back fees, anything else imaginable. I am also surprised that the IRS never caught this, as I have used this same Fed. I.D. number for 6 years now.
Any advice.... ? I'm afraid to call the IRS and tell them all this before I know a little more of what I'm in for.
Shannon
I am so absolutely petrified about telling the IRS (or my Accountant) about this screwup. I am very worried that with the income I have shown over the last 5 years that I am going to be hit heavily with penalties and back fees, anything else imaginable. I am also surprised that the IRS never caught this, as I have used this same Fed. I.D. number for 6 years now.
Any advice.... ? I'm afraid to call the IRS and tell them all this before I know a little more of what I'm in for.
Shannon