Cameron Keng runs the New York-based Keng Group, a CPA firm. Previously he worked for PwC and KPMG. He has founded a nonprofit voluntary income tax clinic called the Keng Institute.
The IRS has an unofficial policy of cutting entrepreneurs a one-time break on late filing fees, but it's better not to count on it.
Working without a salary for equity might feel like pitching in at your neighbor's barn raising but the government doesn't see it that way.
Selling a Business
You worked hard to build your business. Realize all the fruits of your labor when it comes time to file your return.