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Question

We are a start-up business no real assets working on obtaining grants (but haven't recieved any) to further the ideas of the business - we have no clients no have made any money when must we file Federal Income Tax?

Submitted: 622 days and 11 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Optional Information

Optional Information:
McHenry, Illinois

Already Tried:
Nothing

Posted by Lou 622 days and 11 hours ago.

Info Request

Hello and thank you for contacting Just Answer. We appreciate the opportunity to be of service e to you.

What is the structure of your business (sole proprietor, Corp., LLC etc.)?

What is the start date of your business?

Do you have a business license?

Have you filed for and received a TIN for your business?

622 days and 11 hours ago.

Reply

Business is an S Corp
Start date was 7/26/2006
Business License ?
TIN number - yes

622 days and 11 hours ago.

Reply

What other information do you require?

Accepted Answer

An S-Corp as you probably are aware is a 'pass-through'. It pays no taxes per-se but passes profits and losses on to the members of the S-Corp.

It is recommended that you file the 1120-S even though there is no activity. It will save you from answering IRS questions in the future.

Thanks again. If you have any other questions, let me know.

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Expert: Lou
Pos. Feedback: 97.0 %
Accepts: 
Answered: 3/10/2008

Tax Preparer

25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California

622 days and 10 hours ago.

Reply

Reply to Lou's Post: Lou

Thank you - now is there a "Special Date to file the 1120"? or is April 15th (like normal federal compliance)the required date?

Casey

Accepted Answer

Because this is a pass thru the filing date would correspond with your personal tax return 4/15. The following is a link to an IRS Publication that will be very helpful to you.

http://www.irs.gov/publications/p583/index.html

If you have any further questions please contact me.

Thanks again for allowing Just Answer to be of service to you.

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Expert: Lou
Pos. Feedback: 97.0 %
Accepts: 
Answered: 3/10/2008

Tax Preparer

25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California

622 days and 10 hours ago.

Reply

Thank You !

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