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.
Looking For Supplies
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I’m looking to buy Shur colorful gaffers (a.k.a. binding) tape 1.5 in thick.
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@YEYBinding If your’e doing a lot of binding why don’t you contact Shurtape directly?
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@Volvo thank you!!
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@Master Thank you!!
