I founded an s-corp with a couple of friends in the early part of 2010 that hasn't shipped a product nor made a dollar yet (and likely won't ever). Unfortunately, I'm really not in the financial position right now to pay a CPA to handle my taxes for me.
Is using an online service like turbo-tax or doing it myself a terrible idea? I figure since we don't have any assets, profits or expenses (beyond what it cost to incorporate) the process would be pretty straight forward.
My company is in a similar position - a C-corp that incorporated this year and made no revenue - and all we owe is a $75 franchise tax in DE where we're incorporated. Your state taxes will depend on where you incorporated your company. For S-Corps at the federal level you're basically declaring all profits and losses on your personal tax return (see: http://www.irs.gov/businesses/small/article/0,,id=98263,00.html ).