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I have a business (S Corp) but my business did not make any money in 2018. I still have business deductions. Do I still have to file tax forms as a business ?

 
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2 Replies

I have a business (S Corp) but my business did not make any money in 2018. I still have business deductions. Do I still have to file tax forms as a business ?

Yes. You have to file a Form 1120-S regardless of whether the S corporation had income or expenses.

 

See https://www.irs.gov/instructions/i1120s#idm140155513578672

I have a business (S Corp) but my business did not make any money in 2018. I still have business deductions. Do I still have to file tax forms as a business ?

Also keep in mind that your 2018 S corp return is late; assuming a calendar year end.

 

And if the above assumption is correct, you have accumulated late filing penalties.

 

S corporations that fail to timely file their Form 1120S or fail to show required information on the return are liable for a penalty of $200 per shareholder per month or fraction of a month the return or required information is not filed up to a maximum of 12 months.  

 

As a result, I would make sure that this return is filed ASAP.

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

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