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, 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
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