S-Corp Dissolved by Administration, what are the next steps? Hi,
Here are the facts:
1) An S-corp that did not file Federal or State tax returns since 2004.
2) The S-Corp was dissolved by NYS in 2009.
3) The S-Corp had income and expenses in 2010.
4) NYS agent said that dissolution by administration does not stop taxability as opposed to voluntary dissolution, however there is nothing that can be done by NYS since there are no assets on the Corporate name.
5) My understanding is that dissolution by the state does not dissolve the corporation for federal tax purposes.
What should I advise my client to do?
Thanks in advance,
GF |