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niz1985
New Member

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

Hi. I formed a c-corp from Wyoming last year in September. But, I did not do any transactions in the company at all. I did not even open any bank account. Is it necessary for me to file taxes for last fiscal year? If yes, how can I do that?
8 Replies
tagteam
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. That would mean your C corp would be required to file an income tax return for its fiscal year.

 

See https://www.irs.gov/instructions/i1120#idm140531961555840

 

Intuit offers a product, TurboTax Business, that can be used to prepare an income tax return for a C corporation (Form 1120). Note that TurboTax Business is not available as an online product nor will it run natively on a Mac; it must be installed and run in a Windows environment.

 

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

 

Regardless of the foregoing, it is strongly advised to seek professional guidance and have the corporation's income tax return prepared by a tax professional (or at least reviewed after you prepare the return).

SweetieJean
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

You are posting on a 3 yr old question.
tagteam
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

Guess what? I answered it in the Community where there was NO answer or comment and it appeared as if it had been posted a couple of hours ago.
SweetieJean
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

I've seen several like this recently that are 3 years old!  I'll notify the Moderator.
tagteam
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

OK, but I just realized that they MUST know what they're doing as threads are being sync'd across boards. It is extremely confusing when posts show up in both places.
SweetieJean
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

I suspected as such!  That's why I'm sticking to this Board until the official June 6 changeover date.
And ditto for the FAQ's, which seem to show up gain again anew each day.
tagteam
Level 15

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

I understand completely, yet there are some legitimate questions (not dupes from this board) that are being posted in the Community. There's just no way to tell them apart.
MargaretL
Employee Tax Expert

I formed a c-corp last year. There were no transactions in the company. I did not even open any bank account. Is it necessary for me to file taxes? If yes, how?

You do have to file C-corporation tax return.

Per IRS and their Corporations instructions: "Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income."

The corporate returns, such as C-Corp (Form 1120) can be filed using our Turbo Tax Business package:

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


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