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want to dissolve company -- but don't want to pay fees

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L

lamalams

Junior Member
NY state s-corp --

I started the company a few years ago but have done absolutely nothing with it. I think there's a bank acct with $50 in it that I put in myself. There has never been any business b/c I couldn't get it going...thought I was going to have investors.

Anyway, I want to dissolve the company. But that costs money. And there's minimum 2006 taxes. My accountant said it would be okay to simply ignore all IRS letters from now on, since I don't have any assets and I'm not personally liable. Just wanted to get a 2nd and maybe 3rd opinion on that...would really like to just let it all slide, that would obviously be easiest.

Thanks for your advice!

name of state: NY
 


C

ceara19

Senior Member
lamalams said:
NY state s-corp --

I started the company a few years ago but have done absolutely nothing with it. I think there's a bank acct with $50 in it that I put in myself. There has never been any business b/c I couldn't get it going...thought I was going to have investors.

Anyway, I want to dissolve the company. But that costs money. And there's minimum 2006 taxes. My accountant said it would be okay to simply ignore all IRS letters from now on, since I don't have any assets and I'm not personally liable. Just wanted to get a 2nd and maybe 3rd opinion on that...would really like to just let it all slide, that would obviously be easiest.

Thanks for your advice!

name of state: NY
Click to expand...
Ignoring the IRS is NEVER a good idea.
 
T

tranquility

Senior Member
That used to be our advice as well, to just let the corporation die. It's not "right", but what are they going to do?

However, in this age of fraud, there has been some instances where people have used long-standing corps which have just been sitting there for fraudulent activities. That is a big problem, especially if the fraud involves a liability for certain types of taxes. (i.e. trust fund taxes, sales taxes) The officers of the corp *are* responsible for these things. That's just one of the reasons, there are others. While I understand the advice you were given, I think things have changed to the point where you need to wind-up the corp. Sorry.
 
LdiJ

LdiJ

Senior Member
File a "zero" return for the corporation and check the "final return" box. That should stop any letters from the IRS, assuming that you aren't past due on any employer taxes or withholding taxes.

What fees are involved in disolving the corporation? In my state there are simply some forms to send in, and they are not particularly complicated.
 
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