Missed 2023 tax filing deadline for my new LLC business - what should I do now?

Hey everyone, I'm in a bit of a panic mode right now. I started my own business last year and set it up as a single-member LLC. The business did pretty well and brought in about $174k gross for 2023. The problem is, I've never filed business taxes before and completely dropped the ball with all the chaos of running a new company. I suddenly realized we're way past the tax filing deadline and I haven't submitted anything! I've been trying to get hold of the accountant I hired to handle my taxes, but they're ghosting me completely. No response to emails or calls for over a week now. I'm really worried about potential penalties or getting flagged by the IRS for being late. This is my first time dealing with business taxes and I have no idea what the proper steps are at this point. Should I find a new CPA immediately? File for an extension retroactively? Just file late? Any advice would be incredibly appreciated as I'm completely lost and getting more anxious every day!

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18 comments

Jamal Wilson

•8M

Don't panic! While it's definitely important to address this situation promptly, it's manageable. Since you have a single-member LLC, your business is likely treated as a "disregarded entity" for federal tax purposes, meaning your business income and expenses would be reported on Schedule C of your personal tax return (Form 1040). First, you should definitely find a new tax professional since your current one isn't responding. Look for a CPA or EA (Enrolled Agent) with small business experience. While waiting, gather all your business records - income statements, expense receipts, bank statements, etc. Unfortunately, you can't file for an extension retroactively - extensions must be filed by the original due date. At this point, you should prepare and file your return as soon as possible. The penalties for late filing (5% of unpaid taxes per month, up to 25%) and late payment (0.5% per month, up to 25%) continue to accrue until you file, so every day matters. Remember that even with penalties, filing late is MUCH better than not filing at all. The IRS is generally understanding with first-time business owners who make honest mistakes, especially if you file voluntarily before they contact you.

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Jamal Wilson

•8M

The penalties are calculated based on the amount of tax you owe, not your total income. So if you made $174k gross but had substantial business expenses and only owe $15k in taxes, the penalties would be calculated on that $15k. If you're expecting a refund, you generally won't face penalties for late filing. However, you must file within 3 years of the original due date to claim your refund. The IRS doesn't penalize people for filing late when they owe them money, but you're essentially giving them an interest-free loan by not claiming your refund promptly.

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Liam Fitzgerald

•8M

I went through something like this last year with my construction business. I was totally overwhelmed and missed the deadline by almost 2 months. What saved me was using https://taxr.ai to organize all my receipts and business records. Literally took pictures of everything, uploaded them, and the system categorized all my expenses properly. Made it so much easier when I found a new accountant - she was impressed with how organized everything was despite my late filing!

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Liam Fitzgerald

•8M

Yes, it absolutely works for mileage tracking! It has a feature where you can log trips and it calculates the deduction based on current IRS rates. You can even categorize different trips by purpose which makes it much clearer for tax purposes. The AI categorization is surprisingly accurate. It recognizes most common business expenses automatically, but you can always review and adjust if needed. What impressed me was how it separates personal vs. business expenses when receipts have mixed items. My accountant actually said it saved her hours of work because everything was pre-sorted correctly.

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Amara Nnamani

•8M

I was hesitant but tried taxr.ai after posting here and wow, what a difference! I was in the same boat with my late LLC taxes, had a shoebox (literally) full of receipts and invoices. The system actually flagged several big deductions I would have missed - saved me almost $4k in taxes! The document analysis feature is scary good at pulling the right numbers from even poorly scanned receipts. Definitely made dealing with my late filing way less stressful since I knew my numbers were solid when I finally met with a new accountant.

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Giovanni Mancini

•8M

After dealing with a similar situation, one thing I learned was how important it is to actually get through to the IRS directly. I kept getting automated messages and couldn't reach a human for weeks! Then I found https://claimyr.com and it changed everything. They got me connected to an actual IRS agent in about 45 minutes when I'd been trying for days on my own. There's even a video showing how it works: https://youtu.be/_kiP6q8DX5c The agent I talked to walked me through exactly what forms I needed for my LLC and how to minimize penalties. She even set up a payment plan that worked with my cash flow. Don't underestimate how helpful talking to an actual person at the IRS can be for these situations.

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Giovanni Mancini

•8M

It works by using an algorithm that navigates the IRS phone system and waits on hold for you. When they reach a human agent, they call you and connect you directly. It's all automated - you're not paying for someone else to physically wait on the phone. I was super skeptical too, honestly. But I was desperate after trying for days to reach someone. The difference is they have technology that can stay on hold indefinitely and knows how to navigate all the IRS prompts optimally. When I got the call back and was suddenly talking to an actual IRS agent, I was pretty shocked it actually worked.

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Dylan Cooper

•8M

I need to publicly eat my words. After posting my skeptical comment, I was so frustrated with my own IRS situation that I tried Claimyr anyway. Got connected to an IRS agent in about an hour after spending WEEKS trying on my own. The agent answered all my questions about my late LLC filing and even helped me understand how to properly classify some of my business expenses. She explained exactly which penalties applied in my case and how to request a first-time penalty abatement since I had a clean record before this. Can't believe I wasted so much time trying to call myself.

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Sofia Morales

•8M

Yes, that's exactly the situation where it typically applies! The IRS looks for a clean compliance history for the three years prior, so if you've filed your personal returns on time and paid what you owed, you'd likely qualify even though this is your first business return. The key is to file your late return first, pay as much as you can of the tax amount (even if not all), and then request the abatement. Don't request the abatement before you've filed the late return. Many people don't know about this program and end up paying penalties they could have avoided.

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Jamal Wilson

•8M

As a single-member LLC, you should file Schedule C with your Form 1040, not Form 1065. Form 1065 is for partnerships and multi-member LLCs. Since you're the only owner, the IRS treats your LLC as a "disregarded entity" for federal tax purposes, meaning you report all business income and expenses on Schedule C of your personal return. The exception would be if you elected to have your LLC taxed as a corporation (using Form 8832). But if you never made that election, then Schedule C is the correct form.

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