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Sc 1120s Form

Sc 1120s Form

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Instructions and help about Sc 1120s

okay for this video i wanted to address the question i get very frequently which is do i still have to file an 1120s s-corporation return if the entity had no activity for the year so this very often happens when somebody sets up a company but they never actually do anything with it and the short answer is absolutely yes you still have to file the 1120s even if there is no activity for the year and so what i've got here is just the rules and the form instructions just to prove to you why this is necessary and an example of where the irs will still assess penalties even if there's nothing going on in the in the return so the baseline for these filing obligations is we look at internal revenue code section 6037a right so if we look at this irc section it says that every escort shall make a return for each taxable year stating specifically the items of gross income and deductions allowable under sub a names and addresses of all persons owning stock at any time number of sh

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