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Subject Author Date
Should I file business tax return? Wilson 02-22-2007
Posted by Wilson on February 22, 2007, 5:45 pm
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 I incorporated an C Corporation in Delaware in Oct 2005
using a Registered Agent. Except for filing for the
incorporation and selecting the Directors, I have done
nothing and there was no business activity or stocks issued.
I paid for Annual Franchise Tax every year and also applied
for an EIN number. However, I did not file for any business
tax return as I thought that I did not have any business
activity. The question is: Should I file for the business
tax return?

Thanks a lot!

Wilson

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Posted by Benjamin Yazersky CPA on February 25, 2007, 12:21 am
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> I incorporated an C Corporation in Delaware in Oct 2005
> using a Registered Agent. Except for filing for the
> incorporation and selecting the Directors, I have done
> nothing and there was no business activity or stocks issued.
> I paid for Annual Franchise Tax every year and also applied
> for an EIN number. However, I did not file for any business
> tax return as I thought that I did not have any business
> activity. The question is: Should I file for the business
> tax return?

I would file a tax return or liquidate the corp

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by shedges on February 25, 2007, 5:19 am
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Wilson, unfortunately, IRC Sec 6012 requires that all
corporations file an annual return, regardless if there is
no income and no tax due. The return is due on the 15 of the
3rd month after the tax year end. A short-form 1120-A is
available. Just put a ZERO on the top line of the 1st page
of the form and a ZERO on the bottom line of the 1st page of
the form, sign and date it and sent it in. I've seen daily
penalties assessed for non-filing, however, they can be
waived and will go away if you ask the IRS to waive it,
considering how small your business is, and that it is
inactive, and you were confused about your filing
requirements. Sorry, I don't know of any exceptions. This is
part of the paperwork reduction act .... I'm sure of it. You
might be able to mark the return "FINAL" and that would take
you off their mailing list, which would take you off their
radar screen - however, the tax code still seems to require
the annual filing of a return. My advice, file the
delinquent returns and the current one, and if and when you
get the penalty letters, write back and ask them to waive
the penalties.

STEVE

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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