Every inactive company which is registered with the Secretary of State or Division of Corporations are required to comply the same laws which an active company does.
An Inactive Company of any state files annual report or the statement of information on or before the due date to keep the company in good standing otherwise the secretary of state reserves a right to dissolve the company.
How to avoid the penalty on the Annual Report Filing?
File a dissolution if the company is not in use or inactive.
An Inactive company which is registered with the Secretary of State is required to file sales and use tax returns with the department of revenue if the company has a registration to collect sales and use tax from the end users.
The company is still required to collect sales and use tax returns even if there is no sales tax was collected and had no gross sales.
A zero return is filed if there is no sales and the business was not in operation to avoid penalties and interest. The department of revenue or the division of taxation and finance imposes penalties and interest if the sales and use tax returns were not filed on or before time and if becomes the personal liability if not complied or paid.
How to avoid penalties on sales tax filings of an inactive company?
A final sales tax return files with the department of revenue or the division of taxation and finance if the company is not currently active to avoid penalties.
An inactive company that is registered for the employee withholding taxes is required to file payroll returns with the state and the Internal Revenue Service on or before the due date. The penalties and the interest will be imposed if not done so.
How to avoid penalties on payroll returns for an inactive company?
A final payroll return files for an inactive company to avoid penalties or avoid filings for an inactive company.
A business return is filed for an inactive company on time, even if there is no sale.
Posted By: InfoTaxSquare.com , Dated :12-17-2018