C-corp final tax return and form 966

[Yjsnpi]

I dissolved a C-corp on February 2022.  The business used CY.  I still haven't filed my 2021 form 1020. I will have to file the 2021 form 1020 AND wait until next year to file a final tax return, is that right? In addition, am I supposed to file the form 966 now OR should I wait until next year so I can submit it with the final tax return at the same time?  Thank you for helping!

[Anonymous_]

The form is supposed to be filed within 30 days after the resolution or plan is adopted to dissolve the corporation or liquidate any of its stock.

See https://www.irs.gov/pub/irs-pdf/f966.pdf

Also, a corporation that has dissolved must file (Form 1120) by the 15th day of the 4th month after the date it dissolved.

[Yjsnpi]

Thank you. Am I supposed to file 2 2021 form 1020 this year? (1 for CY 2021, 1 for final tax return)

[Anonymous_]

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@Yjsnpi wrote:

Am I supposed to file 2 2021 form 1020 this year?

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No, not unless you amend the resolution or plan.

[Yjsnpi]

So I only have to file 1 tax return for year 2021? Most of dissolve related activities were done in Feb 2022, should I dated these activities CY 2021?  Thank you! 

[Anonymous_]

I am not sure what you are asking. 

Since you are on a calendar year, you would file one 1120 for 2021 and need to file the 966 within 30 days after the resolution to dissolve.

You would then file a final 1120 for the 2022 tax year.

[Yjsnpi]

Yes, that is what I thought. My question is, if I file the final 1020 form now for CY2022, I will only be able to use the 2021 forms (Unless the 2022 forms are available). Just want to make sure that is right. 

[Anonymous_ · Accepted solution]

Yes, you can use the 2021 Form 1120 for a fiscal year that starts in 2021 and ends in 2022 (or a short year return, which is what you would be filing).