I have an S-Corporation using which I used to do consulting work a few years back. Now, the revenues from that corporation has come down to zero. I hate to close it down in case I want to consult again. For the whole of 2011, I have been filing zero revenue tax returns to various government agencies. I would like to stop that as well but still keep the corp itself open with the option to restart everything in the future if so desired. How do I go about doing this? The S-corporation is registered in Illinois. I do not mind paying the yearly corporate filing fee of $100.00 to keep it open. Thanks.
If you have no net income or loss, you can usually get away without filing a tax return. In Illinois, the standard is:
You must file Form IL-1120 if you are a corporation that has net income or loss as defined under the IITA; or is qualified to do business in the state of Illinois and is required to file a federal income tax return (regardless of net income or loss). http://tax.illinois.gov/Businesses/TaxInformation/Income/corporate.htm
Just keep your filing fee and any business licenses up to date, paying those fees personally and not out of business money (that would make for a net loss and trigger needing a tax return). Frankly, with how easy it is to register a new corp, especially an LLC which has many simplicity advantages from an S-corp in certain cases, you might still be better off shutting it down until that time.