banks reporting to IRS?

[pnlmig]

What is the name of your state? California

Hello,

I started a company a few years ago. The partner doing the books passed away in the first 6 months, and it looks like he never finished our incorporation. Since then, we've been operating with a business account at Bank of America and I've just found out that we have not even filed taxes for 3 years!

What do we do?

We received a request from the California Sec of State for the first year's filing fee, but NOT any of the subsequent years. Our info is not on file, yet we did receive a temporary EIN number which is what we used to open the account with.

Is anything being reported to the IRS? Does it look like we're laundering money?!

Mark

 

[Some Random Guy]

Get a good accountant. You know what needs to be done here (pay filing fees and file your taxes). Just because the IRS hasn't come knocking yet doesn't mean that they never will.

 

[Veronica1228]

What is the name of your state? California

Hello,

I started a company a few years ago. The partner doing the books passed away in the first 6 months, and it looks like he never finished our incorporation. Since then, we've been operating with a business account at Bank of America and I've just found out that we have not even filed taxes for 3 years!

What do we do?

We received a request from the California Sec of State for the first year's filing fee, but NOT any of the subsequent years. Our info is not on file, yet we did receive a temporary EIN number which is what we used to open the account with.

Is anything being reported to the IRS? Does it look like we're laundering money?!

Mark

I agree that you need to get a CPA to help you straighten this out because based on what you have posted it is unclear how you should be filing. What kind of taxes have you failed to file? 1120? 941? 940? Expect some substantial penalties.

Your bank is probably not reporting anything to the IRS because corporations (if that is how your account is set up) are not allowed to earn interest on checking accounts so you wouldn't have any interest income to be reported. However, if you have money market accounts set up for your business then that may have been reported. It's going to depend on the types of accounts you have with your bank.