Close an unused S-corp in California - never did any business

[BroncoBronco]

Hi,

I opened an s-corp in California last year - and never did any business. I filed taxes last year and claimed a few start up losses and since it was the first year was exempt from paying the $800 minimum tax. This year - I didn't do any business and really don't have any losses to add to my current taxes. I have a few questions:

1 - What do I need to do to close out the S-Corp? I have read on the internet that I can not file tax returns and the corp will be suspended but I worry about years of tax penalties adding up and coming back to bite me in 10 years.

2 - Is there anyway to backdate the closure of my S-Corp so I don't have to file any taxes for 2008?

3 - Any other suggestions? Thanks in advance

 

[davew128]

Hi,

I opened an s-corp in California last year - and never did any business. I filed taxes last year and claimed a few start up losses and since it was the first year was exempt from paying the $800 minimum tax. This year - I didn't do any business and really don't have any losses to add to my current taxes. I have a few questions:

1 - What do I need to do to close out the S-Corp? I have read on the internet that I can not file tax returns and the corp will be suspended but I worry about years of tax penalties adding up and coming back to bite me in 10 years.

Forms with the Secretary of State and IRS need to be filed. Google it.

2 - Is there anyway to backdate the closure of my S-Corp so I don't have to file any taxes for 2008?

No.