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If corporation have no business at all should it file federal income tax?
Posted by admin on Dec 9th, 2008
h0mgrts asked:
If corporation have no business at all (no income, no salaries, no assets, no employees & etc) should it file federal income tax? and if yes – what is penalty for sending form 1120 after Apr-15?
If corporation have no business at all (no income, no salaries, no assets, no employees & etc) should it file federal income tax? and if yes – what is penalty for sending form 1120 after Apr-15?
C Corps are required to file a tax return whether or not they have taxable income unless they are tax exempt. Corp returns are actually due March 15th, not April 15th.
The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100.