S Corporation Tax Filing Requirements?

Daria Verfaillie: Yes, you need to file even if there is no activity. I believe there is still a minimum tax due.

Monty Sieloff: Did your business business enterprise have any costs? If there's a internet taxable loss, the internet taxable loss could be carried forward for 2 many years (or back 2 years) to offset internet taxable earnings. So, for that reason, you need to report to take great thing concerning to the internet working loss (NOL) carryover (or carryback). for effective your business business enterprise will would desire to report in Wisconsin (if the corp. is incoporated there). no count number in the experience that your corp. desires to report in different states relies upon upon what's called "nexus" (presence in a state). many times, if a corp. has the two worker or factors (ie: workplace) in a state, there is sufficient "nexus" for earnings tax return submitting. additionally, sales right into a definite state would create "nexus" whether it fair! ly is a complicated count number as there are various complaints approximately this situation....Show more

Francisco Schonhardt: Hello, Brian! The IRS instructions for Form 1120S state that a corporate return must be filed for your S corporation for as long as the S election is still effective.The instructions for New York Form CT-3-S-I (S-corp return) also state the same, and (as tma said) there is a minimum corporation franchise tax as long as the New York S election is in effect. I assume from the fact that it did no business in 2006 that is a small business; if so and if the corporation had assets over $1,000, your minimum franchise tax would be $100. If there were under $1,000 each of assets, gross payroll, and gross receipts, the minimum tax jumps up to $800 (see Page 5 of the form instructions for details). If the corporation is defunct, you should consider dissolving it immediately to avoid any further minimum taxes. The final two links provide details if! you need them. Good luck! :-)...Show more