Have a Tax Question? Ask a Tax Expert
If I have not made any money with my S corporation for 2004, am I required to file taxes on it? Or can I just use Turbo Tax to file?
If you have an S corporation and have operated a business or had business transactions as an S corporation then you will be required to file an S corporation return whether you had a profit or not.You will then issue a K-1 to all the stockholders of the S corporation and they will deduct any losses on their personal return, subject to their basis, amount at-risk, or passive loss limitations.
Can you tell me how or tell me where to get the information for how to close out my S CORP without going to an attorney (where I will have to pay his/her expenses)?
File a final return with the IRS and your state.As far as officially winding up operations each state's regulations differ. Legally you may be required to file certificate dissolution with your secretary of state; possibly even publish legal notices in your local newspapers.Small corporations with little or no assets or liabilities often discontinue filing the state's annual franchise tax returns, in which case the state revokes the corporate charter and in effect puts the corporation out of business. This essentially allows the corporation to "die on the vine."