What are the income tax and financial statement requirements for a new C-Corp that didn't have any revenue during the year?

All of our operating capital has come from the founders and outside investors. We did have payroll during the last two months of 2018 (our payroll administrator is handling the payroll tax). Thanks!


A new C corporation formed within the U.S. must file a federal income tax return (Form 1120) on an annual basis. The corporation may have to file a state corporate income tax return depending upon the state of incorporation and from which state the corporation operates. Income tax filings are generally required even if the corporation has no revenue, expenses or net income. If your corporation has no revenue for the first year, but it has operating expenses, the corporation is likely in a net operating loss position. You will want to file a tax return in order to preserve these losses and carry forward the losses to future tax years in order to offset future taxable income.

Answered 5 years ago

If you're a US citizen, talk with your tax preparer.

This will vary by state or if you're in another country, there are even more variations, based on whether your country of domicile is an OECD or non-OECD country + number of days you've been in + out of the US.

Answered 6 years ago

Even if your company didn't have any revenue during the year as a C-Corporation, still there are certain income tax and financial statement requirements that you have to fulfill which are listed below:
Income Tax Requirements:
1) A C-Corporation must file a federal income tax return using Form 1120, regardless of whether it had revenue or not.
2)In addition to the federal tax return, you may also need to file a state income tax return.
Financial Statement Requirements:
1)Balance Sheet
2)Income Statement
3)Statement of Cash Flows
4)Footnotes and Disclosures

Answered a year ago

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