EFTPS corp has no bank account

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  • Jocelyn
    Junior Member
    • Jan 2008
    • 6

    #1

    EFTPS corp has no bank account

    What are the options for a corporation that has no bank account to pay corporate tax under the EFTPS system? Stockholder tried to use a personal account but it was rejected by the IRS. (corporation will be soon liquidated and there has been no cash in the corporation for years).
  • JohnH
    Senior Member
    • Apr 2007
    • 5339

    #2
    He might just have to pay by check and then try to get the penalty (if any) forgiven.
    Last edited by JohnH; 03-12-2012, 04:41 PM.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872

      #3
      Originally posted by Jocelyn
      What are the options for a corporation that has no bank account to pay corporate tax under the EFTPS system? Stockholder tried to use a personal account but it was rejected by the IRS. (corporation will be soon liquidated and there has been no cash in the corporation for years).
      SOunds like no 941 taxes to pay, and also like no corporate activity in years. So why does the corporation owe anything?

      Nothing wrong with using an officer's personal check to mail in.
      Probably can't take real money, i.e. cash, to a local office to pay either. Or can you?
      ChEAr$,
      Harlan Lunsford, EA n LA

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      • Jocelyn
        Junior Member
        • Jan 2008
        • 6

        #4
        the corporation was a partner in a real estate partnership which passed through income but no cash.

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        • ChEAr$
          Senior Member
          • Dec 2005
          • 3872

          #5
          Originally posted by Jocelyn
          the corporation was a partner in a real estate partnership which passed through income but no cash.
          So it's a regular (C type) corporation and therefore owes income tax on profits?
          And thus declares dividends to shareholders?

          Who planned that? (grin
          ChEAr$,
          Harlan Lunsford, EA n LA

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