Just to chime in at the end of a long thread.
Which state do you live?
Was the business incorporated or is it in your wife’s name?
It is after April 15, which is the final date that TY 2010 returns can be filed and expect a return.
Did you have employees that were not family members? That changes lots of potential issues.
I am a tax professional, but you better listen to BAW and tired&retired ASAP.
Those are the guys that I call when I have a tax question.
The good news - it probably is not as bad as you think.
Start FReepmailing BAW and tired&retired so your blood pressure drops.
There is one employee who is not a family member, but payroll taxes are current and are not an issue.
As I look back over this thread, I am moved to express my sincere thanks to everyone here who has taken the time to respond with so many sage suggestions. After reading the many posts that had piled up overnight, I already feel like my head is on straighter.
Simply stated, you guys and gals are the best.
Oh, and the business is 50-50 owned by both. The state is Alabama.
Well, I had not considered that as an option. I'm a bit reluctant to solicit advice from someone who does it for a living. That, in addition to the fact that I generally don't like to impose on people.
BAW and tired&retired, please let me know if you have a strong opinion either way on me possibly mailing you in the future (once I get a few ducks in a row, of course). Again, thanks so much to all here for the wise counsel.