Nevada Incorporated
How do I file for corporate back taxes?
I am incorporated in Nevada. I have been inactive the past 3 years. Meaning, that the only money that was generated were loans to pay for supplies. Do I need to file any taxes for these years? What do I do?
A corporation must file a tax return every year regardless of any income, profit, or loss. Additionally many states impose minimum franchise fees that must be paid regardles of income, profit or loss. Where you are incorporated is less important than what state the corporation calls home. If you are in CA you must pay the minimum franchise fee (currently $800) regardless of which state’s laws you are incorporated under.
If you have not filed returns for the past 3 years there may be penalties and interest for failure to file on top of any taxes or other fees due. Personal returns typically base the penalties on the unpaid tax but corporation returns typically attract minimum penalties for failure to file a timely return regardless of the tax due.
If all of this gives you a brain freeze, consult with a CPA or other tax professional such as an EA or tax attorney, not a store-front tax prep mill.