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Level 3

filing quarterly return for a s corp even if no income expected this year?

Hello, Would I need to file a quarterly return for a S Corp even if we do not expect any income this year? And if so, which form, and can it be done online? Thank you.
11 Replies
Level 20

filing quarterly return for a s corp even if no income expected this year?

S-corps do NOT file anything quarterly ... only one annual return is filed.

 

So what quarterly filing are you referring to ?   Personal estimated payments ?  Or Payroll tax reports ? 

Level 7

filing quarterly return for a s corp even if no income expected this year?

Hello, everyone

I recently opened my first LLC (Disregarded Entity-Single Member LLC/ Tax Classification: S-Corporation  ) on July 30, 2019. And I have not as of today or for the remainder of this year plan to be operational as it pertains to generating revenue. I plan to hire employees and become operational some time within the next 6 months. And I was wanting to know do I have to file a quarterly tax or just the annual taxes for my business. Any help would be greatly appreciated.

 

Thanks for your time and help.

 

God Bless

Level 7

filing quarterly return for a s corp even if no income expected this year?

Hello, everyone

I recently opened my first LLC (Disregarded Entity-Single Member LLC/ Tax Classification: S-Corporation  ) on July 30, 2019. And I have not as of today or for the remainder of this year plan to be operational as it pertains to generating revenue. I plan to hire employees and become operational some time within the next 6 months. And I was wanting to know do I have to file a quarterly tax or just the annual taxes for my business. Any help would be greatly appreciated.

 

Thanks for your time and help.

 

God Bless

Level 20

filing quarterly return for a s corp even if no income expected this year?

If you told the IRS that you would have employees when you got the EIN then they should have told you to file payroll tax returns on the welcome EIN letter ... read that notice carefully. You would file ZERO payroll returns for each quarter even if you had no employees to report the lack of employees. Doing so will keep you from getting a nasty letter later from the IRS with a penalty added for good measure.
Level 7

filing quarterly return for a s corp even if no income expected this year?

Thanks for your fast response and help.

I with through legal zoom and I Informed them that I plan on having about six employees with the first year, but I currently have none at the current moment because I do not plan on operating the business until March 2020. I reviewed my EIN letter and the only forms it mentions that I must complete in this letter are forms 940 and 941 by 01/31/20. So since I did not state that I will have any employees at the time of opening my LLC, do I have to file any taxes of any form quarterly before the September 15th or 16th deadline ?

Level 20

filing quarterly return for a s corp even if no income expected this year?

The 941 is the quarterly payroll report and the 940 is the annual one ... so the IRS is expecting them even if they are zero filings. The third quarter covers July - Sept so you should file it since your business started in July.
Level 7

filing quarterly return for a s corp even if no income expected this year?

Thanks for your help once again.

 

This is part of the statement from my document received from the IRS: "Based on the information received from you or your representative, you must file the following form(s) by the date(s) shown. Form 941 01/31/2020 Form 940 01/31/2020 "

 

Since the statement reads the deadline to file these forms are on 01/31/20 do I still have to file by the September 15th/16th deadline for my quarterly taxes this year. 

 

 

Level 20

filing quarterly return for a s corp even if no income expected this year?

I would to keep you from getting an IRS letter later ... those are the annual dates for the annual return not for the quarterly one ... but you could call the number on the notice to get a more definitive answer since the notices are not always correct. It is simple to fill in online and mail them in ... best to CYA.
Level 7

filing quarterly return for a s corp even if no income expected this year?

@Critter  Words alone cannot express how grateful I am for your help and time. 

 

An thank you for wanting to keep me from received a nasty letter from the IRS as well. 

 

Could you so kindly point me into the direction so I can fill out and file my quarterly taxes today? Thank you once again for your time and help.

 

God Bless!

Level 20

filing quarterly return for a s corp even if no income expected this year?

just google form 941 ...  here is the IRS fill in form ... see the instructions included ...

 

https://www.irs.gov/pub/irs-pdf/f941.pdf

Level 7

filing quarterly return for a s corp even if no income expected this year?

Thank you so much