Besides the high rate of corporate taxation (one of the highest of all developed economies), the IRS tax code has huge penalties for noncompliance. For instance, if you intentionally disregard filing a bank reporting form (the FBAR), you’ll face serious penalties, including jail time, a $50,000 fine
Were you required to file a bank reporting form and didn't over 2 years? (ie $100k ) ??
I don't think this happens unless the bank account has enough of a balance.
From irs.gov:
United States persons are required to file an FBAR if:
1. the United States person had a financial interest in
or signature authority over at least one financial account
located outside of the United States; and
2. the aggregate value of all foreign financial accounts
exceeded $10,000 at any time during the calendar year
reported. [1]
You need to get an accountant. I work with a lot of accountants and have dealt with the IRS before, they are not some faceless org and will work with you. Ultimately, I think it's incredibly unlikely you owe 100k in back taxes on something with no revenue, but a good Accountant will understand the case law, tax code, and standard IRS procedures to help you through this.
This is what tax attorneys are for. I know they're a lot more expensive than "nothing" but a good one is worth their weight in gold. Especially when it comes to crossing jurisdictions (US states or countries).
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Were you required to file a bank reporting form and didn't over 2 years? (ie $100k ) ??
I don't think this happens unless the bank account has enough of a balance.
From irs.gov:
You need to get an accountant. I work with a lot of accountants and have dealt with the IRS before, they are not some faceless org and will work with you. Ultimately, I think it's incredibly unlikely you owe 100k in back taxes on something with no revenue, but a good Accountant will understand the case law, tax code, and standard IRS procedures to help you through this.[1] https://www.irs.gov/businesses/small-businesses-self-employe...
EDIT: Updated information to most recent rather than 2014
there was zero capital. nowhere near 10k
If he signed up in 2017 then he only missed one year of filings.
Not sure if this is relevant
https://corp.delaware.gov/paytaxes/
(ie if he opened acct in Apr 2017, he'd have missed 2 filings by now)
Oh, I see, that's good to know. I was thinking of tax-year filing.
holy shit....this was not explained to me at all.
https://corp.delaware.gov/paytaxes/
This is what tax attorneys are for. I know they're a lot more expensive than "nothing" but a good one is worth their weight in gold. Especially when it comes to crossing jurisdictions (US states or countries).