Hi,
I had setup an S-Corporation in New York in 2017 to start a business which failed, and never had any transactions/revenue. I discovered that I need to file 2017 and 2018 taxes for it. It had cost me $600 to setup the corporation and $2000 for marketing material. I am not sure which product is appropriate to e-file taxes? If someone happens to have this information, I would greatly appreciate it.
Thanks
You should consult with a tax professional for guidance and/or return preparation in this matter.
The S corporation returns are very late and there could be substantial penalties for failure to file. The return is generally due by the 15th day of the 3rd month after the end of the corporation's tax year (typically, March 15th for calendar year corporations).
See https://www.irs.gov/instructions/i1120s#idm140155513553648
You can use TurboTax Business for tax years 2017 and 2018, but each year is a separate purchase and you would also have to purchase the NY state return for each year. You are really better off allowing a tax professional to handle this situation.
Thank you for the response. I will consult with a tax professional.
if you are not going to use the corp. you should take steps to dissolve it. thus you will no linger have to file returns. in addition some states impose an annual filing fee for corps and others require a fee free filing . failure to pay/file can result in the corporation losing its privileges such as limited liability. some states will dissolve the corp.