Company has not done any business, still responsible for paying any tax?

Question

If a corporation started November 2006 and has not done any monetary transactions as of date. What taxation liabilities are they responsible for?

Corporation Located in New York City.

I don't have an accountant and at the moment of starting up can't afford one at the moment. Can someone point me in the right path to finding out more what I have to do. For example perhaps a handout to read or what forms to file etc. Thanks in advance

Answer 1

Here is a link to taxes for corporations in NY and a link to the NY Dept of Revenue.

For a C corp there is a fixed dollar minimum tax of $100, and for an S corp the fixed dollar minimum tax is $100.

Answer 2

In many states there is a minimum tax that ALL corporations must pay, typically between $300 and $1,000, even if there is no income at all.

Answer 3

There can be flat amounts that are payable annually by a corporation whether or not there has been any business. You really need to talk to an accountant.

Answer 4

There likely will not be any tax to pay, however, you still have to file the various state and federal forms. Just report as zero income

Answer 5

You won't owe any tax but you may still need to file. This is one for your accountant.

If you don't file, they may estimate your taxes for you and send you a bill. Not a nice thing.