Taxes/Delaware Corporation

JENNB
JENNB Member Posts: 1 Newcomer
in Filing my taxes

I own a Delaware C corporation that never operated. It had no income, no assets other than a small bank balance, and I have closed the bank account and Stripe account. I do not intend to pay the Delaware franchise tax or file a Certificate of Dissolution, so the corporation will eventually become void. Under these facts, when do my federal Form 1120 filing obligations end? May I file a final Form 1120, or must I continue filing annual returns until the corporation is formally dissolved?

Answers

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 296 image
    Hi JennB,

    Thanks for writing in and joining our Community.

    FreeTaxUSA is a personal income tax return preparation and filing software company. Since a C-corporation tax return is a business tax return, it's out of scope for services we offer.

    You may need to consult with another licensed preparer and/or a business law attorney to understand the requirements of dissolving your C corporation properly with the state and the IRS.

    You can read general information here, https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business here, https://www.irs.gov/forms-pubs/about-form-966 and here https://www.irs.gov/newsroom/what-business-owners-need-to-do-when-closing-their-doors-for-good from the IRS.

    You'll also want to check your state secretary's website and/or this Delaware website https://corp.delaware.gov/disso09/

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