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Old 03-05-2010, 10:53 PM
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Closing S Corp & Form 966

I am closing a simply S Corp (husband/wife – husband holds all stock) and everything is paid and the State dissolution papers have been filed. - What does the IRS require in addition to the 966. On the 966 I am putting 1000 common shares and dissolved under Section 331. The 966 also states “Attach a certified copy of the resolution or plan…”. Will the standard IRS S corp forms attached be enough (1120S, K-1, ), or does the IRS require a written “Plan of Liquidation and Dissolution”. If that “legalese” is required (and I have found some Dissolution forms on the internet), does that plan require specific financial details (like a balance sheet) or are general legalese statements of how the S Corp will be dissolved sufficient?
Any info on properly closing this is appreciated.



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Old 03-08-2010, 09:54 PM
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I think you are going to spend considerable time and effort on this, I suggest that you close out your Corporation using the Services of a CPA firm. I really think this process is a formal process and if you get this form filled out incorrectly the corporation would not be formally dissolved and you may thus be faced with an additional tax return along with the applicable Franchise Tax fees your corporation is liable.

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