It is july 2022 and I am closing an LLC and a Corporation. Can I to do my federal and CA taxes for 2022 now or do I have to wait until early 2023 to do them?

[talbotray]

If I havwe to wait till 2023, then it seems I have to keep the entities open with their bank accounts open until then.  I would rather close up everything now.  What gotcha's mght happen if I close everything now?

[Anonymous_ · Accepted solution]

Is the corporation an S or a C corporation? Is the LLC a single-member or multi-member LLC?

A C corporation that has dissolved must file by the 15th day of the 4th month after the date it dissolved. An S corporation that has dissolved must file by the 15th day of the 3rd month after the date it dissolved.

A single-member LLC (without an election to be treated as a corporation for federal income tax purposes) is a disregarded entity and reports on Schedule C (Form 1040). As a result, you can wait until next year to file for the 2022 tax year.

[Critter-3]

https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business

[Mike9241]

for the corporation, since 2022 tax forms are not yet available you use 2021 forms. if there are assets left that you will be taking, in effect they are treated as sold to you at fair market value by the corporation. also, be sure to enter the date the short year began and ended. 

[Critter-3]

FYI ... just some tidbits.   If you don't care when the business is considered closed and/or all of the income and expenses have not been completed yet  then waiting until the end of the year to officially close the business may be the easiest thing to do  so you wait for the 2022 return forms/ program to be functional and available.  If you need to file before then you would have to use the 2021 program and forms and change them to 2022 and mail them in instead of efiling the final return which gets messy.