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If the business was conducted in the name of the corporation, then the 1120S should be filed for this year. You may then revoke your election for next tax year, here is the IRS link with the instructions on how: LINK
- If revoking effective the first day of the tax year, the revocation is due by the 16th day of the third month of the tax year,
- If revoking effective any day other than the first day of the tax year, the revocation must be received by IRS by the requested effective date.
- For example, the S corporation is on a December 31 tax year ending and requests a revocation effective January 1, the revocation is due March 15.
- The S corporation is on a December 31 tax year ending and requests a revocation effective February 14, the revocation is due February 14.
It is very important to follow the procedures and timely file your returns to avoid any IRS penalties.
Good luck!
