S CORPORATION TAX question

[jay10001]

i wanted to start a business when i was 23 and had my S corporation company in 2008 but i couldnt start it at that time so never had any bank accounts on company name, never did any business ,nothing earned, nothing sold.

But i read now i The S corporation has a responsibility to file an informational income tax return each year as well as a range of other IRS forms.

its 2014 now but i didnt hear anything from IRS. actually my adress changed but i normally file my personal taxes based on w-2... never had any problems with IRS.

What should i do? do i need to pay penalty for those years ?

 

[David Bolenbaugh CPA]

Jay,

You should file a letter with the IRS stating you wish for the EIN associated with the entity to be canceled, additionally you should file dissolution documents with the state of incorporation. Do not file prior tax returns if what you say is true and there was never any activity in the corporation and tax returns were never filed. The Secretary of State will be able to tell you what to do in regards to dissolving at the state level.

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