S Corporation Dissolution

Forum|Forum|6 years ago
June 17, 2020
3 replies
28 views

If a calendar year S Corporation was dissolved in November of 2019, for purposes of the 2019 tax return, is the "ending date" of the tax return still 12/31/2019? Or is the ending date the date of dissolution, thus creating a short year and moving the due date of the return to February rather than March 15th? Thank you.

KMACK

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

It depends. Was the S Corp still winding up its affairs after the legal dissolution? Or was the dissolution date the end all.

On a practical note, you can probably use 12/31/2019 without issue.

sjrcpaAnswer

Level 15

It depends. Was the S Corp still winding up its affairs after the legal dissolution? Or was the dissolution date the end all.

On a practical note, you can probably use 12/31/2019 without issue.

The more I know the more I don’t know.

K

KMACKAuthor

Level 4

It was probably still winding up. There were a few expenses paid after the dissolution date including my fee. The issue arose because I put November as the end date and the client received a late filing notice saying the return was due in February 2020 rather than March. I guess we can file an amended return to correct the ending date?

KMACK

sjrcpa

Level 15

Or argue reasonable cause to get out of the penalty.

Or ignore it since the corp is dissolved and no one is personally liable for this penalty.

The more I know the more I don’t know.

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