To be fair, you should check your accountant. However, since expenses are pass-through losses and float to your K1 if you have no income you could put it off. Keep in mind that means you will not be able to claim the loses which could offset other taxes due (until you do your taxes then you could claim them). It is best to file. Should you choose not to file, the IRS does require 1099’s be sent for any USA entity above 500$ in any given fiscal year and possibly foreign entities as well, and may deny any expense that you did not do this for. weather you file or not make sure you pay the annual fees on your S corp.
President Trump's Stimulus checks
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I never filed taxes, is there anyone who can walk me through how to receive this?
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@CtrlAltDel Unless you get SS payments there is no way. I think you can still file it now.
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@DovidStroh said in President Trump's Stimulus checks:
@CtrlAltDel Unless you get SS payments there is no way. I think you can still file it now.
where do I start filing? is there an easy guide somewhere, legally I don’t earn enough for me to need to file, Iv’e never filed before.
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Anyone else only received for themselves and not for the children? I received $2400 but nothing for my kids (all under 17).
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Update:
today the IRS deposited the rest in my account, interesting but as long as I got my well deserved money. -
Can i still apply for the (first) Stimulus check? If yeah were can i apply?
I used to file but the last 4-5 years as i don’t live anymore in the us i don’t file any more, -
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Where do I apply?
like what you see give me your thumb
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@DIAMOND said in President Trump's Stimulus checks:
Where do I apply?
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here