"Vesty" <no[at]email.com> wrote

- quote -

Hmmm.....well.

Given that you formed the corporation in October, it's
possible that the corporate year-end was September 30th,
2004 (on a fiscal year) instead of a calendar year end
(unless you elected "S" status, you don't quite say). If
true, your initial return wouldn't be due until December
15th.

There are other elections due with the first return,
election to amortize start-up costs being one of them.

It's not like you ever lose an expense, it just gets
postponed for a number of years.

It probably IS in your interest to seek professional help
from a local CPA or EA in your area. State and local tax
issues are also a factor.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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"Vesty" <no[at]email.com> wrote

- quote -

Hmmm.....well.

Given that you formed the corporation in October, it's
possible that the corporate year-end was September 30th,
2004 (on a fiscal year) instead of a calendar year end
(unless you elected "S" status, you don't quite say). If
true, your initial return wouldn't be due until December
15th.

There are other elections due with the first return,
election to amortize start-up costs being one of them.

It's not like you ever lose an expense, it just gets
postponed for a number of years.

It probably IS in your interest to seek professional help
from a local CPA or EA in your area. State and local tax
issues are also a factor.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I incorporated a company in October of last year in
Delaware. I'm in Mass and all the appropriate paperwork
etc was filed so it could operate in MA.

No business was conducted in 2003, but after speaking
briefly with an accountant he said I should file an
extension until I had sorted out a few things that
needed to be decided before I file. In March I filed
an extension for state and federal taxes and paid the
minimum tax that was required...

I think the extension was for 6 months, meaning that
I think I'm now overdue. Is there a fine for this?
Also, anyone have any idea what the accountant was
referring to on things I need to figure out before I
can file? I think he was talking about what accounting
method I want to use for the company...

Anyway... Given that no business etc was conducted I
didn't want to spend money going to see an accountant.
If its necessary I will, but if its reasonably
straightforward I'd love some tips.

Cheers,

Vesty.

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