I'll add a few comments:
- You also need to consider the state tax penalty implications of not filing.
- Have you filed a dissolution with the Secretary of State where incorporation occurred?
- While you indicate there were no gross or net profits, what else may have transpired?
- Did you fund the S corporation with capital?
- Did you have any S corporation expenses?
- Did you purchase assets?
- Did you have start-up or organizational expenses?
- Legal Fees?
- There are too many unanswered questions at this point to really provide an assessment. Having a one on one with a tax professional is the way to go. The longer you wait, the more penalties can increase. The potential penalties at this point exceed the cost to meet with a tax professional and file the necessary returns. Don't procrastinate. Lesson learned.....planning and understanding is key in the tax world.
*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.
