Small Business Tax Info...

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If you formed a new corporation at the end of last year, but didn’t actually run any income or expenses through it, you may be thinking you don’t need to file a tax return—that is wrong!

Once you submit your Articles of Incorporation to your Secretary of State and they are processed, you have an active corporation that needs to file an income tax return each year, even if there is zero activity in the entity.

The penalties for not filing can be steep too: $195 per shareholder per month that you are late on filing!

So if you have a zero activity entity that was formed in 2019, don’t wait until you get a notice in the mail from the IRS for not filing to realize you need to file the return.

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