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Old 10-20-2008, 11:05 PM
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Help, Closed S Corporation in NJ

I had an S Corporation in NJ until 2004. I was audited by the state-paid the penalties and closed shop. A small, 1 man part time business. I moved to Arizona a few months later.
I spoke with a woman in Trenton by phone shortly after moving here 4 years ago, and had the corp. put on 'inactive' status as per her instructions, via fax. They subsequently sent me some paperwork required to CLOSE the corp. Several pages, very confusing-also requiring a fee. I never sent it in, time went by and I never heard another word(yes-they have my address out here). After googling some info on inactive S Corps-i'm now wondering if I was suppose to pay some kind of corp. tax(CBT?)every year. Should I contact someone or let sleeping dogs lie? Do these small S Corps. stay on the books indefinately if not formally dissolved? Now I'm worried...
Thanks in advance!


Last edited by NewGuy30 : 10-21-2008 at 12:36 AM.


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Old 10-21-2008, 09:09 AM
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This is a tough question, I have heard many inactive corporation owners ignore the filing of the corporate tax returns with no tax consequences! But, then again I had a client in my office that received mail from New Jersey State demanding the minimum annual taxes be paid.

I would recommend that you contact your CPA to determine your best options suffice to say, that I would certainly officially dissolve your corporation as soon as possible to avoid possible Corporation Tax penalties and interest associated with the late payments of the minimum taxes.

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