Corporate Tax Filing

[redvelvet]

For a company which was incorporated a couple of years ago and didn’t make any revenue until 2022, what documents will need to be ready and which forms will need to be filed, if no tax return was ever filed?

Is there a checklist to help us go through the process?

[tagteam]

You need to consult with a local tax professional.

An income tax return for a corporation (1120 or 1120-S) is required to be filed every tax year regardless of whether or not the corporation has any income or expenses. There are penalties for failure to file a corporate return.

See https://www.irs.gov/instructions/i1120s#en_US_2021_publink11515kd0e292

See also https://www.irs.gov/instructions/i1120#en_US_2022_publink11455td0e333

[Anonymous]

Hi,

If no income was earned and no expenses were incurred until 2022, there is no filing requirement for 2021.

If all you had were start up expenses in 2021, you are not required to file a 2021 tax return.

If you had no income but had expenses that are not classed as start up costs, you are required to file a 2021 tax return.

You can use some expenses that were incurred in 2021 as start up expenses for 2022.

Here is an IRS article regarding what you can use as start up expenses:

https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes 

You will need to prepare an 2022 Form 1120-C return. There may be additional forms included in the return, depending on your situation. There is not a checklist. Here is a link to prepare the 2022 1120-C, using a TurboTax CD/download:

https://turbotax.intuit.com/small-business-taxes/ 

We do not offer "full-service for 1120-C returns," but you can use the link above to prepare the 1120-C. Please call us at 1-800-446-8848 for additional questions you may have regarding assistance with the 1120-C.

Thank you,

John

CPA