A few comments:
- The short period return is due 8/15/2023; 2 1/2 months after the close of the business.
- As you indicated, the 2023 forms, software, etc. are not available at this time. This is the case for anyone needing to file a short period tax return regardless of the size of the business.
- What happens in this case, is you complete the returns on the 2022 forms and print the return. Once completed and printed out, you go through each page and cross-out 2022 and mark it 2023.
- You will then have to paper file the tax returns; no efile is available. This is not a TT issue. The IRS is not set up to accept 2023 efiled tax returns until late January 2024 at the earliest.
- The software can still be used and it is better than having to complete the returns by hand. This, of course, depends on the activity during the short period.
- An option is to file an extension in August which will take you to February of 2024. Software may be available at that point in time.
- Also keep in mind, if you have any liquidating distributions from the S corporation, those need to be reported on form 1099-DIV and not the 1120-S.
- Don't forget to circle with the Secretary of State for which the S corporation was formed. There may be some administrative forms that need to be completed as well.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
