Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-05-2018, 04:35 PM
Junior Member
 
Join Date: Mar 2018
Posts: 6
Closing S-Corp - Lost with final filing(s).

Hello, first, please excuse my ignorance. Went on my own away from my regular accountant in the middle of 2017.

I?ve seen other old questions on this subject and I?m a slight bit lost. Feeling like I?m in for a bigger headache than I first imagined.

I?m closing my S-Corporation. Marked the 4th quarter 941 return for 2017 as the final one.
At year end had a $1500 balance in the bank. Plus a debt of roughly $1300 for camera equipment purchased in 2017. Paid off $1000 in early 2018 along with a few other items that were due.

Soooo, I?m still working on the final return?but will this really be my final? Or will I be worrying about accounting for that activity in January and February?... and instead, will i end up doing a regular year end return and then a true final return thereafter? (yep, I'm lost).

As for possessions,
Aside from all the intangibles (Websites, software and such) the only thing of ?real? value would be the camera equipment purchased, which I?m sure hasn?t depreciated much at all, along with OLD computers and items which I?m sure have depreciated geatly.

Thus, I?m lost in as far as distributing these items to myself (forms?) and putting this horse out of its misery (procedures?) (filing?)

Any and all direction would truly be appreciated. Thanks in advance.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-05-2018, 09:31 PM
Junior Member
 
Join Date: Mar 2018
Posts: 6
Okay, allow me please to re-approach this subject in a simpler way.

IF Im closing the business for 2017 but there are funds in the bank account past the new year and debts paid Plus distribution of assets (past the new year) then can I still file my final return?

That is, with all the respective necessary forms/schedules attached?

Just trying to get a handle on this. Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-05-2018, 09:33 PM
Junior Member
 
Join Date: Mar 2018
Posts: 6
Rephrasing my question

Okay, allow me please to re-approach this subject in a simpler way.

IF Im closing the business for 2017 but there are funds in the bank account past the new year and debts paid Plus distribution of assets (past the new year) then can I still file my final return?

That is, with all the respective necessary forms/schedules attached?

Just trying to get a handle on this. Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 03-05-2018, 09:39 PM
Junior Member
 
Join Date: Mar 2018
Posts: 6
Okay, allow me please to re-approach this subject in a simpler way.

IF Im closing the business for 2017 but there are funds in the bank account past the new year and debts paid Plus distribution of assets (past the new year) then can I still file my final return?

That is, with all the respective necessary forms/schedules attached?

Just trying to get a handle on this. Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #5 (permalink)  
Old 03-06-2018, 08:26 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,083
Quote:
Originally Posted by lcerura View Post
IF Im closing the business for 2017 but there are funds in the bank account past the new year and debts paid Plus distribution of assets (past the new year) then can I still file my final return?

.
noi do not think so;
A corporation, being a separate legal entity, lives on and doesn?t cease to exist just because the operations cease, or just because all the assets have been removed. There still remain obligations and financial constraints that will need to be dealt with in the future.
The actual process of winding up a corporation takes some time and effort, as well as a lot of back and forth:
An application for consent to dissolve the corporation must be made to the Ministry of Finance. This can be done in the form of a phone call indicating the intention to dissolve.Government will then review the corporate status to ensure everything is up-to-date and there are no outstanding government debts.Once the approved dissolution is received, the corporation must file a final corporate tax return for the period up to the date of dissolution.so you need to



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #6 (permalink)  
Old 03-06-2018, 11:01 AM
Junior Member
 
Join Date: Mar 2018
Posts: 6
Wrong country

Quote:
Originally Posted by Wnhough View Post
noi do not think so;
A corporation, being a separate legal entity, lives on and doesn?t cease to exist just because the operations cease, or just because all the assets have been removed. There still remain obligations and financial constraints that will need to be dealt with in the future.
The actual process of winding up a corporation takes some time and effort, as well as a lot of back and forth:
An application for consent to dissolve the corporation must be made to the Ministry of Finance. This can be done in the form of a phone call indicating the intention to dissolve.Government will then review the corporate status to ensure everything is up-to-date and there are no outstanding government debts.Once the approved dissolution is received, the corporation must file a final corporate tax return for the period up to the date of dissolution.so you need to
Thank you for that copy and paste but that doesn't help...especially considering that we're talking about the United States. Or am I mistaken and I'm in the wrong forum/site? Please advise.

I'm somewhat familiar with the CT-3s and the TR125 but that's not what I'm talking about. I'm concerned with the bookkeeping and banking end as well as having gone just beyond the year end to tie up some loose ends. 'and whether I'd still be allowed to file the final return(s).



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #7 (permalink)  
Old 03-07-2018, 02:55 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,083
Quote:
Originally Posted by lcerura View Post
Thank you for that copy and paste but that doesn't help...especially considering that we're talking about the United States. Or am I mistaken and I'm in the wrong forum/site? Please advise.

I'm somewhat familiar with the CT-3s and the TR125 but that's not what I'm talking about. I'm concerned with the bookkeeping and banking end as well as having gone just beyond the year end to tie up some loose ends. 'and whether I'd still be allowed to file the final return(s).
Sorry i am not quite sure of it ; i guess you need to contact an IRS Enrolled Agent/a CPA doing taxes in yourlocal area for more accurate professinal help for your fed/sttae returns



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #8 (permalink)  
Old 03-07-2018, 11:04 AM
Junior Member
 
Join Date: Mar 2018
Posts: 6
Funny

Quote:
Originally Posted by Wnhough View Post
Sorry i am not quite sure of it ; i guess you need to contact an IRS Enrolled Agent/a CPA doing taxes in yourlocal area for more accurate professinal help for your fed/sttae returns
You're hilarious



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Final filing for Trust Golfnut Trusts and Gift Tax Returns 2 12-18-2017 03:51 PM
Closing down C-Corp, have questions pearl7 C-Corporation 11 04-16-2017 01:42 AM
Do I still pay salary when closing S-Corp in NJ c1991sc S-Corporation 1 12-16-2010 10:13 PM
Closing S Corp & Form 966 TaxTacks S-Corporation 1 03-08-2010 10:54 PM
closing s corp cbj55 S-Corporation 2 03-04-2009 10:02 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning