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Business & farm
you still have an S corp that needs to file a 1120-S. failure to do will probably get you a notice from the IRS, Then you will pay penalties for each month you failed to file. Not knowing what's in it, I can give you no guidance as to any tax consequences of liquidating. Sometimes there are adverse tax consequences. Seek the advice of a tax professional. this is not a do-it-yourself project. in the year liquidated you would file a final return.
Each state has its own rules as to what it takes to liquidate and not leave you with possible future liability besides taxes.
again pay for a tax pro.
‎December 26, 2019
11:22 AM
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