I have an S-corp set up that I did not do any business through this year. For this reason we have chosen to not use a CPA to file out taxes for us but I am wanting to be sure I do things correctly. Can I file the 1120 with all zeros? Do I still need turbo tax Business to prepare my taxes for this type of thing?
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Yes, you can file an 1120 with all zeros and you need to file the business tax return even though you had no activity or you will be penalized for not filing the tax return. This return is due by March 16, 2020.
You can use Turbo Tax Business It is a separate program to file business returns. You can download the program or use a CD. This program only works on a PC computer.
@GoTeamShaffer wrote:
I have an S-corp set up that I did not do any business through this year. For this reason we have chosen to not use a CPA to file out taxes for us but I am wanting to be sure I do things correctly. Can I file the 1120 with all zeros? Do I still need turbo tax Business to prepare my taxes for this type of thing?
If you are simply going to file an 1120-S with all zeros, and then file an 1120-S using a CPA next year, you are probably better off downloading, preparing, printing and mailing the form rather than using TurboTax Business for that purpose.
IRS fill in form : https://www.irs.gov/pub/irs-pdf/f1120s.pdf
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