patmag
Level 3

Filing final tax returns and dissolving S Corp

Hello. Due to the pandemic my S Corp lost all of its clients and did not bring any income since March 2020. I want to close the business and final a final tax return. The company was formed in New York but it was ran in Florida. 

 

The company used my personal vehicle in 70% but only until end of March so I entered a 15% for business use. The car was claimed as assets since 2016 and had a 5 year amortization life. . I am not sure if I have to do anything to take it out from the asset before filing the final return and dissolving the business. Are there any additional forms or items which I need to fill out?

 

Do I need to do anything else besides marking the Final Return checkbox on federal tax return and NY state tax return?

 

Thank you!