cleaning up old unused corporations


T

taxcleanup2004

Hi,

I incorporated 2 C corps in 2002 that I did not use. For one of the C
corps I used ss-5 to apply for a tax ID which I no longer have. The
other C corp I did not apply for a tax ID.

I want to clean up the federal returns but would like to skip state for
now. Are federal and state related during corporation closing? If the
state still has the corporation as active is it possible to close out
the company at the federal level?

Should I file year 2002 and indicate that this is the last year? Or do
I have to file all previous years and close on the 2004 return?

The IRS mentioned the other companies during an audit of the company
that I use for contracting work. They didn't do anything more but
could have investigated/prolonged the audit or worse since the letter
of the law says non-filing is criminal.

Thanks.
 
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T

Thomas Healy

I incorporated 2 C corps in 2002 that I did not use. For one of the C
corps I used ss-5 to apply for a tax ID which I no longer have. The
other C corp I did not apply for a tax ID.

I want to clean up the federal returns but would like to skip state for
now. Are federal and state related during corporation closing? If the
state still has the corporation as active is it possible to close out
the company at the federal level?

Should I file year 2002 and indicate that this is the last year? Or do
I have to file all previous years and close on the 2004 return?

The IRS mentioned the other companies during an audit of the company
that I use for contracting work. They didn't do anything more but
could have investigated/prolonged the audit or worse since the letter
of the law says non-filing is criminal.
You don't need to do anything for the federal returns, since there was no
activity. Whether you need to file state returns depends on the state. For
example, California requires a return each year until the corporation is
officially dissolved, since there is a minimum franchise tax due.
 

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