When are my corporate returns due?

Q: I started an incorporated company in Nov. 03 when do I need to have my corporate taxes in last year and this year? I am the only person in the company and have no profit as of yet. —David, Boston

The following answer was provided by Barry Beck, CPA, Barry D Beck, CPA, PFS, DABFA.

A: Perhaps when you applied for your federal identification number and/or on your articles of organization you may have indicated the corporate year end. Generally, there are many ways to have a different answer, corporations have a December end. If this is the case, you would have a short year-end on December 31, 2003 with a tax return due date of March 15, 2004. Under this assumption, my recommendation as your returns are late and they should be filed ASAP.

You may need to contact a CPA to determine if you can use a year-end other than December 31.

Perhaps, depending on your background you will need bookkeeping and accounting help. My experience indicates that most corporation that do not have a CPA, usually end up costing themselves more in the long run. Don't be "penny-wise pound-foolish."