Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 05-22-2013, 07:05 PM
Junior Member
 
Join Date: May 2013
Posts: 2
C Corp never filed taxes

We created a C-corp about 9 years ago in Wyoming. We got an EIN number but never started the business. We didn't file any tax returns. The opportunity to start the business has now developed. Would it be simplier to request a new EIN number and "start over"?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 05-22-2013, 10:31 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by Zogjones View Post
We created a C-corp about 9 years ago in Wyoming. We got an EIN number but never started the business. We didn't file any tax returns. The opportunity to start the business has now developed. Would it be simplier to request a new EIN number and "start over"?



It depends on the name associated with the EIN. Otherwise, I don’t believe there is any kind of “use” requirement for an EIN, but you need to check with the IRS. If a company is required to file a tax return, it should have an EIN number. Generally, businesses need a new EIN when their ownership or structure has changed.. You will be required to obtain a new EIN if the corporation receives a new charter from the secretary of state; you change to a partnership or a sole proprietorship.You will not be required to obtain a new EIN if you are a division of a corporation; only the corporate name or location changes.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 08-07-2013, 05:19 PM
Junior Member
 
Join Date: Aug 2013
Posts: 3
You may want to verify the answer given below.
I'm not an attorney or CPA so this is not legal or professional advice but...
It seems there is a requirement for a C-Corp to file Tax Returns every year they are in business (exist) whether there is a profit or not. There may penalties for not having done this.


Quote:
Originally Posted by Wnhough View Post
It depends on the name associated with the EIN. Otherwise, I don’t believe there is any kind of “use” requirement for an EIN, but you need to check with the IRS. If a company is required to file a tax return, it should have an EIN number. Generally, businesses need a new EIN when their ownership or structure has changed.. You will be required to obtain a new EIN if the corporation receives a new charter from the secretary of state; you change to a partnership or a sole proprietorship.You will not be required to obtain a new EIN if you are a division of a corporation; only the corporate name or location changes.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Never filed a Tax Return for C Corp WPILLC C-Corporation 3 01-11-2013 01:04 AM
Time for NJ to process biz taxes filed passerby S-Corporation 3 12-30-2011 02:20 AM
Client filed me as 1099 instead of corp-to-corp annieef S-Corporation 6 12-29-2011 02:12 PM
What to do if I haven't filed any estimated taxes and tax return for last year yet? MndD C-Corporation 2 06-27-2011 01:15 PM
I filed an extension & now I owe a lot of taxes that i cannot pay? What can I do? nilbos Miscellaneous 1 05-25-2007 06:16 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.