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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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comp1475
Level 1
08-11-2021
02:18 PM
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How do I do a 2021 SCorp return for an existing client that dissolved his corporation on 7/31/21?
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TaxGuyBill
Level 15
08-11-2021
02:23 PM
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I would file an extension and then file the tax return in January or February.
The other option is to use the 2020 software, manually override everything to follow 2021 law, cross out "2020" and write "2021" on the forms, and file by mail. Oh, and you can't really carry most things over from the previous year, so you need to either start from scratch or go and manually change everything for the one year difference (depreciation, balance sheet, etc.).
The first option will be much easier.
BobKamman
Level 15
08-11-2021
02:46 PM
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I think some states require all tax returns to be filed before the Articles of Dissolution are accepted. Not a Department of Revenue rule, a Department of Bureaucratic Paperwork rule. But you should be able to use the 2020 forms and just enter the fiscal-year ending date. As I recall, Intuit puts a low priority on software for corporation returns, even though the books can be closed on December 31, so you can't do the returns until you are getting slammed with W-2 and 1099 filers needing quick 1040's.
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