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?

[niz1985]

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?

[tagteam]

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]

You are posting on a 3 yr old question.

[tagteam]

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]

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

[tagteam]

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]

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]

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]

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/