Paying The IRS Late - Tilted Forum Project Discussion Community

crossova · 01-10-2005, 09:53 AM

I know its not something you want to do but I fell into that category. I wanted to close out a small LLC that i created in 2003-04 tax yr. I didnt have the money at last yr's tax season to pay off the annual LLC fee. I simply forgot to pay it off. I actually still have the return form in my house. what is the penalty for a late filing like this? I am planning on sending it out before the end of this month...

Hardknock · 01-21-2005, 10:55 PM

Can't you just file an extension like you can with personal income?

I'm not a tax guru, either. Just a guess.

arch13 · 01-22-2005, 01:11 AM

Better late than never. Contact you regional office and ask to speak to someone who can settle the debt with you and accept the payment. They may be able to settle the balance with a minimal late fee.
If this is anything over $1500, then do yourself the smart business decision and consult an accountant. It's worth the money in the end to get adive and guidence from a proffesional.

Captain Nemo · 01-24-2005, 07:12 AM

I'm confused. What "annual fee: are you referring to?

crossova · 01-24-2005, 08:34 AM

the 'annual fee' is actually the filing fee (maybe i'm not using the proper terminology). I dont have the paper with me right now. but it states that you have to pay a $800 filing fee for LLP,LLC.

I have spoken w/ my accountant (also my tax preparer) and he said i didnt pay 800 in 2003 b/c the business was only open for one quarter during that yr (i had paid 300).

On another note, i just did my tax returns (thank you Turbo Tax) and i get a decent refund so i'm using that $ to pay for the previous yr's taxes.

01-10-2005, 09:53 AM	#1 (permalink)
crossova Psycho Location: new york	Paying The IRS Late I know its not something you want to do but I fell into that category. I wanted to close out a small LLC that i created in 2003-04 tax yr. I didnt have the money at last yr's tax season to pay off the annual LLC fee. I simply forgot to pay it off. I actually still have the return form in my house. what is the penalty for a late filing like this? I am planning on sending it out before the end of this month...

01-22-2005, 01:11 AM	#3 (permalink)
arch13 Loves my girl in thongs Location: North of Mexico, South of Canada	Better late than never. Contact you regional office and ask to speak to someone who can settle the debt with you and accept the payment. They may be able to settle the balance with a minimal late fee. If this is anything over $1500, then do yourself the smart business decision and consult an accountant. It's worth the money in the end to get adive and guidence from a proffesional. __________________ Seen on an employer evaluation: "The wheel is turning but the hamsters dead" ____________________________ Is arch13 really a porn diety ? find out after the film at 11. -Nanofever

01-21-2005, 10:55 PM	#2 (permalink)
Hardknock Republican slayer Location: WA	Can't you just file an extension like you can with personal income? I'm not a tax guru, either. Just a guess.

01-24-2005, 07:12 AM	#4 (permalink)
Captain Nemo Insane Location: In a forest of red tape (but hey, I have scissors)	I'm confused. What "annual fee: are you referring to?

01-24-2005, 08:34 AM	#5 (permalink)
crossova Psycho Location: new york	the 'annual fee' is actually the filing fee (maybe i'm not using the proper terminology). I dont have the paper with me right now. but it states that you have to pay a $800 filing fee for LLP,LLC. I have spoken w/ my accountant (also my tax preparer) and he said i didnt pay 800 in 2003 b/c the business was only open for one quarter during that yr (i had paid 300). On another note, i just did my tax returns (thank you Turbo Tax) and i get a decent refund so i'm using that $ to pay for the previous yr's taxes.