Filing Taxes for 2006

[Renax]

Hello,
I started my business (C Corp) in June 2006. I requested 6 months extension, so now I have to file by March 15, 2008. My question is what software would I use to prepare the 2006 return? Should I purchase 2006 version software (like Turbotax Business) or can I go with 2007? Can I file electronically?

Thanks so much.

[Evan]

You requested a six month extension? What is your fiscal year?

You would need the 2006 version of the software, which may be available. If not, you'll have to hire a tax preparer which may not be a bad idea either.

[Renax]

Thanks so much for your response. My fiscal year is June through May. If I by 2006 software (Like Taxcut Business or TurboTax), can I file online or should I send paper return?

Evan is right on, every year there is something new and the
new programs can't deal with previous years.

We lost money for 5 years. When you don't need to pay
the IRS doesn't mind if you are late, and I took full
advantage of this, though my wife was like to kill me.
Sometimes I was 2 years late and had to get TurboTax
to sell me a tax program that was 2 years old. I think
you can download them, but don't expect any kind of
discount!

Now that we are profitable I don't have that forgiveness
from the IRS, but then I have cut back from 65 hours a
week to 50, so I have more energy to tackle the taxes.

best regards
wiz

[Renax]

Thanks, Wizadofy. Were you still able to file online those late returns?

[Evan]

You should be able to efile, but does it really matter how "quick" it gets to the IRS? Unless you're just wishing to conserve paper. There is generally fees associated with it.

I prefer the old paper method.

[OldJack]

Form 1120 instructions page 4:

>>The minimum penalty for a return that is over 60 days late [after any extension due date] is the smaller of the tax due or $100. The penalty will not be imposed if the corporation can show that the failure to file on time was due to reasonable cause.<<

Originally Posted by Renax

Thanks, Wizadofy. Were you still able to file online those late returns?

I never e-file, so I don't know.

best regards
wiz

Originally Posted by OldJack

Form 1120 instructions page 4:

>>The minimum penalty for a return that is over 60 days late [after any extension due date] is the smaller of the tax due or $100. The penalty will not be imposed if the corporation can show that the failure to file on time was due to reasonable cause.<<

So if you don't owe anything there is no penalty. However, if they owe you there is a limit to how many years you can slide
because they will spend the money and refuse to pay you
if you wait too long.

wiz

[OldJack]

Duplicate post deleted