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Same issue; do I need to file federal returns for the same 5 years? Response 1: Yes, you do. Recall, we did no business, had no income, paid no suppliers, employees or contractors. If yes, will there be penalties? Response 2: It is not likely since you did not have any taxable income. Click here for more information. Contestable? Response 3: This may not even apply. However, you are expected to file your tax returns unless you ask for an extension. If you did not ask for extension and did not file when you were supposed to file, then there is nothing to contest. You waive your right to contest any penalty levied on your business. What sort of winding-up process, if any, is needed at the Federal level? Thanks! Response 4: None. You just need to file your federal and tax returns to bring everything up to date.