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Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 33541
Experience:  30 years experience representing clients .
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My wife and I have an S Corporation in New Jersey that is 4

Resolved Question:

My wife and I have an S Corporation in New Jersey that is 4 years old. We have filed all tax returns to date but now wish to suspend the operation of the Corporation due to time constraints in our lives. We may at some future date wish to re-activate the business.
How can I do this so I no longer have to file federal and state returns and not file and pay the state CBT-100 taxes ?
Thank you,
Mark B.
Bayville, N.J.
Submitted: 6 years ago.
Category: Business Law
Expert:  Loren replied 6 years ago.
If you have no income, you will not need to file any returns for those years the corporation is dormant. All that will be required is to file the annual report with the state every year and the $50 filing fee.
Customer: replied 6 years ago.

Do I have to notify the state of New Jersey about this ?

Do you know what form I should use to notify the state of New Jersey ?

Otherwise they want $500 per year. ($125 per quarter)

Expert:  Loren replied 6 years ago.
If you are not doing any business it should not cost you anything to keep the corporation other than the annual filing fee for the annual report. If you have no employees and no income, there should not be any quarterly payment. Check with the NJ Department of Revenue if you have been making payroll deductions to let them know th corporation is going dormant. There is nothing to file.
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