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Girl-Friday
New Member

Must we file Corporate taxes for a inactive Corporation each year? Assets are less than $100,000

We would prefer to let it fade away without complicated and expensive legal assistance.
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tagteam
Level 15

Must we file Corporate taxes for a inactive Corporation each year? Assets are less than $100,000

Yes, you do, regardless of whether or not the corporation had income or expenses (see the answer below).

https://ttlc.intuit.com/replies/5022342

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4 Replies
tagteam
Level 15

Must we file Corporate taxes for a inactive Corporation each year? Assets are less than $100,000

After you wind up the affairs of the corporation, the state in which the entity is incorporated should have forms available for you to file in order to terminate its existence (e.g., Articles of Dissolution). Subsequently, you can file a final income tax return for the corporation and be done with it.
dog75nsp1
New Member

Must we file Corporate taxes for a inactive Corporation each year? Assets are less than $100,000

if we amend the 1040 can we then file a 0 1120s.  1040 has C schedule we be pay penalties
TaxGuyBill
Level 9

Must we file Corporate taxes for a inactive Corporation each year? Assets are less than $100,000

@dog75nsp1   :  Can you post a new question with more details?

If the work was done by the corporation, you need to put that income on the 1120-S, not Schedule C, and you need to file late payroll returns for yourself.  If the 1120-S has not been filed, there will be late penalties, even if it has $0 on it.
tagteam
Level 15

Must we file Corporate taxes for a inactive Corporation each year? Assets are less than $100,000

Yes, you do, regardless of whether or not the corporation had income or expenses (see the answer below).

https://ttlc.intuit.com/replies/5022342

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