Should I file a new business or keep the old one?

[TomKoh]

I created a S-corp a 2 years ago for a start up I was working on. The startup was abandoned after a couple of months later. No taxes were ever filed, no profit was ever made. I want to create a separate business now, completely unrelated, moving, and I wanted to know if it would be cheaper for me to try try to get my S-Corp up to date or just starting fresh. The company is registered in NY. If I open a new business it will most likely be a LLC

 

[davew128]

I don't know about cheaper but you're going to have to face the reality of owing back tax to NY for their minimum tax and a steep penalty to the IRS for late filing.

 

[LdiJ]

I don't know about cheaper but you're going to have to face the reality of owing back tax to NY for their minimum tax and a steep penalty to the IRS for late filing.

It sounds like an initial tax return was never filed. If that is the case, there is not going to be any IRS penalty. Does NY have minimum tax for S-corps?

 

[quincy]

It sounds like an initial tax return was never filed. If that is the case, there is not going to be any IRS penalty. Does NY have minimum tax for S-corps?

Here is a link to New York's Department of Taxation and Finance on S-Corporations, with a link to the 2015 amendments: http://www.tax.ny.gov/bus/ct/s_corportations.htm