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05-24-2024, 11:18 AM #5
- Join Date
- Feb 2024
- Location
- NY
- Posts
- 77
Not filing a return or extension which shows you "intend" to file can lead to issues not needed by any business. The IRS allows for late filings, payments, etc. they just fee you up that is their business. But what they do not tolerate is "Failure" to file a return and "Tax Evasion" both criminal offenses. So it is always best to file vs push things off. Most businesses extend due to missing tax forms simply. Businesses need to estimate their tax obligation or loss when filing extension. Most people don't realize they are better being honest filing with IRS and owing money instead of avoidance. They put tax payers on payment plans. Recent news says they are putting audits at front line. Nothing I say is advice just things I have learned over time. Whether they fund with you or not they should get that done.
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