My spouse and I started an S-corporation to pursue our small business idea in July 2021. Unfortunately, we rushed too quickly into our dreams and our business never took off. We never brought in any gross or net profits. Aside from IRS Form 2553, we haven't filed any other paperwork with the IRS since 2021. A few days ago, a family friend pointed out that we hadn't filed the annual IRS Form 1120-S, which was required even if we never made a single sale. We're good people, we've always paid our fair share and never had any problems with the IRS. What should we do? How can we rectify this situation? Would there be any penalties assessed and if so, how could I request that they be waived?
