S-Corp dissolved.

9 replies
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Hi to all.

IRS on 1120-S instruction says : When To File
Generally, an S corporation must file Form 1120-S by the 15th
day of the 3rd month after the end of its tax year. For calendar
year corporations, the due date is March 15, 2024. A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved.

If an S- Corp has been dissolved on 08/01/2024 when should file its 1120-S?

And if no stock has been sold or any exchange not happened just S-Corp closed should file form 966?

And end date is the date of dissolved, am i right?

Thanks for help!

ProSeries Professional

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Terry53029

Intuit Community Champion

Here's a link on the process from IRS.

https://www.irs.gov/newsroom/closing-a-corporation

HOPE2Author

Level 7

Thanks, my content is from the link you gave me as I mentioned IRS SAYS: ......

https://www.irs.gov/instructions/i1120s#:~:text=2024%2D18.-,When%20To%20File,15th%20day%20of%20the%203rd%20month%20after%20the%20date%20it%20dissolved.,-If%20the%20due

T

TaxGuyBill

Thank you @TaxGuyBill for your explanation regarding the filing deadline for the final return. I understand that, based on what you shared, it would be due on November 15, 2024, if the corporation dissolved on August 1, 2024.

However, I am a bit confused because my understanding is that S-Corporations typically file their returns by March 15 of the following year. This makes me wonder how I could file Form 1120-S on November 15, 2024, instead of by March 15, 2025.

I apologize if I am missing something here—perhaps I’ve misunderstood how the filing deadlines work in this situation. I’d appreciate any clarification you can provide. Thank you for your patience, and I apologize for any confusion caused by my question.

@HOPE2 wrote:

However, I am a bit confused because my understanding is that S-Corporations typically file their returns by March 15 of the following year. This makes me wonder how I could file Form 1120-S on November 15, 2024, instead of by March 15, 2025.

The 1120-S is due 2.5 months after the end of its tax year.

If the corporation existed the entire calendar year, the end of its tax year is December 31st. The due date is 2.5 months after their tax year ends, so the due date is March 15th.

If the corporation ended on August 1st, the tax year ended in August. The due date is 2.5 months after their tax year ends, so the due date is November 15th.

It is usually ideal to file an extension when the corporation dissolves so the actual filing can be done once the new year's software is ready.

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