Good morning. How do you prepare a final 1120 for a dissolved corporation? It does not allow me to select the 23 tax year. YE is 12/31, dissolved 8/7/23

[pheard2015-gmail]

Thanks very much for your consideration

[IRonMaN]

Two choices - 

Extend the return and file when the 2023 forms are ready.

or

Paper file using the 2022 forms by crossing off 2022 and manually writing 2023 on the forms.

[abctax55]

Wow.... echo, echo, echo 😉

I'd add that make sure you triple check ALL carryovers, and depreciation, and any tax law change implications.   

I suggest waiting for 2023 software if at 'all' possible.

[PATAX]

@abctax55 @IRonMaN there's also a chance that the actual tax rate may increase from the flat 21% to I believe 28% which they are proposing. While I doubt that this will happen, remember a couple of years or so ago the 15% tax bracket was eliminated and the flat 21% tax instituted. The 15% tax bracket I believe applied to taxable income under $50,000, I.E. it usually applied to small businesses. But small businesses got the shaft and it went from 15% to 21%, and I thought the politicians were always trying to help small businesses. What a joke.

[abctax55]

@PATAX - O/T....we found out Juno's actual birthday (quite amazing, considering she's a rescue pup) and she turns ten tomorrow !  

[PATAX]

@abctax55 That's great news. Happy birthday to Juno!🐕☝🎂.... time flies. hard to believe that my Heidi turned 9 years old on June 6th. Seems like just yesterday she was a puppy. But she still acts like one,  This morning she was running up and down a crick splashing like a little puppy.