Connecticut tax & business guide
How to Catch Up on Unfiled Business Tax Returns
A step-by-step approach to identifying missing business returns, rebuilding bookkeeping, gathering records, and completing federal and Connecticut catch-up filings.
Overview
Start with the facts and deadlines.
Catching up on business returns begins with identifying the entity type, tax years, required federal and state forms, and condition of the accounting records. Preparing returns before the books are reliable can create errors that carry into later years.
Step 1
Confirm the business and filing history
- Entity type and tax election
- Federal EIN and Connecticut business ID
- Years and return types believed to be missing
- IRS and Connecticut notices
- Last filed federal and state returns
Step 2
Rebuild the bookkeeping when necessary
Bank statements, credit-card statements, payment processor reports, invoices, payroll reports, and loan records may be needed to reconstruct income, expenses, assets, liabilities, and owner activity.
- Reconcile every bank and credit-card account
- Separate business and personal transactions
- Identify loans, owner contributions, and distributions
- Review payroll and contractor payments
- Prepare year-end Profit and Loss and Balance Sheet reports
Step 3
Prepare returns in sequence
Earlier-year balances and elections may affect later years, so the filings should generally be prepared in an organized sequence. Payroll, sales tax, information returns, and income tax filings may require separate work.
Step 4
Build a current-year compliance system
After catch-up work, maintain reconciled monthly books, a tax calendar, estimated tax planning, and regular reviews so the business does not fall behind again.
Ready to get organized?