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ajohnsonaicp
New Member

I established an S-Corp this summer but the business never launched. Since their was no income and not distributions do I just file an 1120s?

I never registered the business with the state of Colorado, but I did obtain a federal EIN and opened a commercial bank account. The commercial bank account contains approximately $10,000.
1 Reply
AmyT
New Member

I established an S-Corp this summer but the business never launched. Since their was no income and not distributions do I just file an 1120s?

If you obtained an Employer Identification Number (EIN or TIN) from the IRS, you will need to file a business income tax return (Form 1120-S for a subchapter S corporation).  Applying for an EIN will trigger the systems within the IRS to look for an income tax return filed for that number.  Failure to file a tax return as required may result in notices and penalties from the IRS.

If you did not file for and receive an EIN, there is no need to file a business tax return.

Please note that a corporation is a legal entity that is formed under your state's laws.  If you have not registered with the state, you are almost certainly NOT legally a corporation and should resolve this as soon as possible, either by registering with your state or by contacting the IRS to figure out how to revoke your EIN.

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