Just to clarify- re: the old corp- I should file tax returns showing zero income for all the years it was in existence? Are you aware of any penalty for not filing these returns or is there only a penalty if there was some income to report. Thx.
There are procedures to address these penalties assuming the entity is domestic, has a small number of partners or shareholders, and the individuals in question are natural persons who have reported all their income from the business with timely filed tax returns.
Since there was zero income, all of the income would have been reported on your personal tax return.
We can't advise you what to do. However, if the IRS has not come after you for penalty, there is a saying, "Let sleeping dogs lie."
The decision is ultimately yours. However, as I wrote to you earlier, the status of the old S-corp will have no bearing on your ability to incorporate a new S-corp and get an EIN for it. So, this issue may be entirely irrelevant to getting your new business going.
Good luck to you. Please press the green ACCEPT button. Thanks.
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