Closing a 1099 S-Corp Business that was never started/launched

[WH67]

A little background: I opened a 1099 business filing as an S-Corp in April of this year. Unfortunately, the business was not launched as my family decided to move to a different state. We are now opening the same type of business in the new state and closing the old business.  Given the old business was never launched, we didn't generate revenue but incurred expenses (office equipment, licensing, etc.).  

My questions are; do I need to file quarterlies or a final tax statement with the IRS for closing the business? Will I be able to deduct the expenses for the closed business? 

Thank you in advance for any help!

[Terri Lynn]

Hello WH67, and thanks for the questions.

The IRS 941  quarterly's would be required, if the S-Corp has paid wages to any employees. Since your S-Corp business closed, you are required to file a final form 1120-S closing return  and can include the applicable  expenses even with $0 in revenue. 

For more information see:

• Closing a Corporation 
• S-Corporations 
• About S-Corps 

Have an amazing rest of your day!

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