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Old 03-25-2014, 09:40 AM
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Final Tax Return For Scorp

Our accountant filed a final tax return for our scorp last year; however we have not yet filed articles of dissolution. The business is closed for good, no activity has taken place since the final filing. Are we still responsible for filing tax returns as long as the articles have not been filed or are we okay since we have filed the final return? We are in Pennsylvania. Thanks in advance for your help.



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Old 03-25-2014, 10:09 AM
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Originally Posted by crazyeights View Post
Our accountant filed a final tax return for our scorp last year; however we have not yet filed articles of dissolution. The business is closed for good, no activity has taken place since the final filing. Are we still responsible for filing tax returns as long as the articles have not been filed or are we okay since we have filed the final return? We are in Pennsylvania. Thanks in advance for your help.
The corp must file a final Form 1120S, before it completes articles of dissolution; it must also file a final state tax return with its state of incorporation. If it does business in states other than its state of incorporation, it must file final tax returns in these states as well. The corp must file Sch K-1 with the IRS, and must distribute individualized versions of this form to each shareholder. Since S corporations are pass-through taxation entities, except with respect to certain forms of passive income, it is unlikely that the corporation will owe federal income taxes, although shareholders may/ may not owe taxes on any corporate profits.



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Old 03-25-2014, 10:54 AM
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Dissolving Scorp

Thanks so much for your response. We have done all of the things that you have mentioned in the thread. I guess what I need to know is: Is there a time limit on how long you have to file the Articles of Dissolution after filing the final tax return (tax implication wise)?



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