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Can a C-Corp file a "final" return with the IRS if there are…

Can a C-Corp file a...
Can a C-Corp file a "final" return with the IRS if there are no longer any business operations, but the company bank accounts remain open?
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Answered in 1 hour by:
9/7/2017
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,106
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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No, as long as the corporation is in existence, it must file a tax return. Failure to do so will result in penalties. Even dormant companies must file. They just file a zero return, and list the balance sheet.

Usually there are at least some expenses. The corporation will have an annual franchise tax or annual fee paid to the Secretary of State to keep the company in existence. This is a deduction to the corporation.

I hope this answers your question! If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,106
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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