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.
Is your business going through a rough patch?
Many Lakewood businesses have already benefited
from the expert guidance of the Consulting for Small Businesses Initiative.
Consulting for Small Businesses is a free service from PCS/ Agudath Israel of Lakewood, to help Lakewood businesses in distress.
Chairmen of the program:
Yossi Schuck, Partner, Bernath & Rosenberg
Elliot Zaks, Principal, Madison Title
Shlomie Zeldes, CEO, Avacare Medical LLC
Applications accepted via online application only.
The office will not schedule appointments
To sign up for this service: https://pcsnynj.org/small-business-consulting/
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