Q: WHAT ARE THE TAX CONSEQUENCES OF A CALENDER YEAR C-CORP. NOT FILING TAX RETURN AFTER ITS EXTENSION DEAD LINE OF SEPT 15 2010 ?
A: THE C-CORP. WILL HAVE TO PAY THE FOLLOWING PENALTIES TO IRS:
1. LATE FILING PENALTY
2. LATE PAYMENT PENALTY
THESE PENALTIES MAY BE WAIVED IF A C-CORP. CAN SHOW THAT THE FAILURE WAS DUE TO REASONABLE CAUSE. A STATEMENT EXPLAINING REASONABLE CAUSE MUST BE ATTACHED WITH THE TAX RETURN.
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