The Joel on Software Discussion Group

I have an S corporation that I have used in the past. Due to the bad economy I took a job as an employee. I have no revenues. I want to  just keep the s corp open.

do I have to actually file a corporate tax return that says  "earned no money" for this?

in the past I used a very good tax account, but he charged me quite a bit of money. Since I am an employee, I see no reason to pay an accountaint.

If I need to do this, I can do this with turbo tax right? Which version of turbo tax do I need to get?

Also, I am rolling over my corporate 401k (its just me) with vanguard, to a SEP-IRA I have with vanguard. I am using the exact same funds. I know this allowed. Anyone know what I have to file with the IRS?

I really don't know where to ask this stuff. I normally pay someone to do this. It is a waste of money to do that this year.

You need to file a state return (depending on your state) and a federal return for your S corp.  This is true regardless of the profit/revenue.

The S corp then also gives the shareholders K1 statements for their personal filings.

In my state (NY) there is a "Franchise" fee for having a corp.  I think the last time I paid that was about $800.  It is essentially a fee for having a legit business in the state.

If you have no plans for making revenue through this entity I would close it down.  (that is  another paperwork hassle)

As for your IRA, you can do this all with turbo tax if you have the right paperwork (and you should)

Additionally - you should get help from an accountant on this.  It should not cost much money.  The internets is not a good place to get this kind of advice

Try this for your S corp, then the personal one for you.

http://turbotax.intuit.com/small-business-taxes/business.jsp

If you have an accountant who you trust, that has earned a lot of income from you in the past, I would get him on the phone for 10 minutes and ask him these questions.  If he gives you grief, tell him that when you're ready to spin up your s-corp again, you'll be using a different accountant.

You need to file the s-corp return, but you don't need turbotax.  If you really had no revenues or expenses, get an 1120S from irs.gov and print it.  Fill in a bunch of zeros, sign it, and mail it.  It shouldn't take more than a couple minutes.

You're still going to have to file a 5500 for the 401k (the plan, not your individual account - yes they're different).  The 5500 will be a final one if you're closing the 401k plan down.  Contact your 401k provider and see if they provide that service.  If not, it will be worth it hire a CPA to do it for you.  I think the 5500s are due in May or July.

If you do a direct rollover, the SEP provider will send you some forms, but there is nothing you need to send to the IRS for the rollover.