How can I bring my corporation into good standing with the IRS?
Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120 unless they are required to file a special return. (Form 1120 instructions…Who must file?) Obtain the 2004-9 Forms 1120 pages 1-4 or 5 (need all pages through Schedule L, the balance sheet). Fill out page 1 entering -0- in the gross and total income lines, total expenses and net income lines. Add -0- in what appear to be appropriate lines of the remaining pages. Answer the questions in Schedule K. Sign and file with the appropriate IRS Service Center (see the instructions for each year…try www.irs.gov and search for 1120). Oklahoma will also have a state income or franchise tax applicable to your corporation. Check into that as well. Failing to meet the state requirements could negate your corporate charter making the filing of federal returns a waste of effort.
