Is your business an inactive entity?

To qualify as an inactive entity, your business must meet ALL the following criteria:

• The business was in existence on or before January 1, 2020;
• The business is not engaged in any active business;
• The business does not own ANY kind or type of assets, whether
  that be real or personal property, whether in the United States or abroad, including any ownership in any corporation, limited liability company, or similar type of entity;
• The business has not sent or received funds for any purpose in an
  amount over $1,000, either directly or indirectly, through a financial
  account in which the entity or an affiliate of the entity has an interest, in the past twelve months;
• The business has not experienced any change in ownership over the
  preceding twelve months; AND
• The business is not owned by a foreign person, whether directly or
  indirectly.