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    6 Replies Latest reply on Feb 24, 2009 11:12 PM by paratech

    Annual Report?

    ndp125 Adventurer
      Hi,
      I have completed one year of my consultation business as S-corp. I do not have any other employees. Do I have to file an annual report ? Is there anything else I need to do in terms of paper work apart from Taxes ?

      Any info on this would be helpful.

      I do not require any certifications for my consultation (related to IT).

      Thanks in advance
        • Re: Annual Report?
          dublincpa Scout
          The annual report is typically filed with the secretary of state each year to keep the corporation in goodstanding (continuing existence). The fee for corporations is usually not too bad, but can vary depending on your setup with stock and paid in capital. They usually want to know the officers, directors and registered agent/office. In most cases you can be all of those. The registered agent/office is required so that the state has someone somewhere to accept service of process if the corp is sued.

          If your S Corp is profitable, you should be paying yourself a wage/salary or some kind of reasonable compensation that is being taxed for Social Security, Medicare and Federal/State Unemployment.

          If the company pay your medical/dental insurance, that can be counted toward reasonable compensation.
          • Re: Annual Report?
            paratech Newbie
            You need to file your Annual Report each year with the Secretary of State's office in order to keep your corporation active. There is a fee for filing the annual report. If you don't timely filed the annual report, you will be penalized. In Florida, a late filing is $500 vs. $150. Unless you can state that you were not notified by the Department. The Department notifies all corporations of such filings in January and are due on or before May 1st of each year.
            • Re: Annual Report?
              ndp125 Adventurer
              So the deadline is May 1st 2009 correct ?
              Is there any guidelines to help me write one. I am sure there must be some format etc.

              I would prefer to do this on my own rather than going to an agency etc.
                • Re: Annual Report?
                  paratech Newbie

                  There is no need to go through an agency. I am in Florida and these are the guidelines for Florida corps. If you incorporated last year, then the deadline for your annual report for this year is May 1st. In Florida, you can file on-line at www.sunbiz (Department of State). You need a credit card to pay your annual fee - $150 in order to keep your corp. active. The form is simple and you can complete same yourself. Hope this helps.
                • Re: Annual Report?
                  ndp125 Adventurer
                  so in that case my business is incorp. at MA. Is there an onilne site that I can go to. I tried searching for it at www.mass.gov/business but could not find any ?
                  Anyone has idea as to where I can find a site to file my annual report? for MA

                  Most of our(MA business) info is online and this is why I am believe me may have this capability online.
                    • Re: Annual Report?
                      paratech Newbie
                      Corporations are filed with the Department of State - Secretary of State. Do a google search for your state - Department of State - Division of Corporations. Make sure you have the correct website, since there are companies that charge for this service and come up on those searches. However, if you cannot do it yourself, ask your accountant to file the annual report for you. If you don't have one, search for a reputable small accounting firm that will do it for you. It is a very easy process. When annual report time comes around, I file lot's for my clients. Good luck.