Old Corporation

Today TaxMama hears from Peter in Ohio who says, “I started a corporation four years back and never got around to using it. I never filed anything because it was never in use.

Do I need to file returns for those 4 years even though I never used the corp.? How do I completely close the corporation out?

Dear Peter,

If you only started the corporation in Ohio and never got an Employer ID Number (EIN), then that’s between you and your Secretary of State. If they are not sending you nasty letters, perhaps you don’t need to file?
buy canadian acyclovir online cpff.ca/wp-content/languages/new/canadian/acyclovir.html no prescription

Ask them, though, just to be sure.
buy canadian lexapro online cpff.ca/wp-content/languages/new/canadian/lexapro.html no prescription

But, if you filed an SS-4 and got a EIN from IRS – then, IRS expects a tax return, even for -0- years. The good news is – there won’t be penalties, since penalties are based on your taxes due.

How do you completely close the corporation out? Visit your Secretary of State’s website and do a little searching. Each state has their own rules and requirements.

Or if you incorporated in some other state, like Nevada or Delaware, then find the rules to ‘dissolve’ a corporation on their website.

And remember, you can find answers to all kinds of questions about corporations and other tax issues, free. Where? Where else? At TaxMama.com

[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]

File Download (0:00 min / 0 MB)