topic How do I file my Business taxes early for tax year 2020? in Business & farm

How do I file my Business taxes early for tax year 2020?

Innov8or44 — Thu, 16 Jul 2020 11:02:03 GMT

I recently used TurboTax business for filing my business' 2019 taxes, but I'm not finding how I can do the same for my tax year 2020 business taxes. I will be dissolving the business this month (July) and would like to wrap things up with the IRS (hence 2020 is the last filing year). We have been inactive all of 2020, so we have no income, expenses or assets.

Re: How do I file my Business taxes early for tax year 2020?

SusanY1 — Thu, 16 Jul 2020 13:26:20 GMT

The 2020 tax software has not yet been created. It is typically released in the late fall, but final forms are often not in the program until January or February, based on when the IRS releases them.

Re: How do I file my Business taxes early for tax year 2020?

Rick19744 — Fri, 17 Jul 2020 14:50:09 GMT

Once you have paid all bills and made all liquidating distributions to the owners (you don't indicate the entity structure type) you will need to file a final return. This date depends on the entity type; so it is either the 15th day of the 3rd month or 4th month.

Since your final return is due before any 2020 returns have been finalized, you have a couple of options:

You can request an extension for the filing of the final return and complete it when the forms are complete.
Typically what is done in these situations is you file a paper return. So in your situation you would complete the 2019 return for your final 2020 activity. However, you would cross out all 2019 dates on the forms and write in 2020.

Make sure you contact your Secretary of State to complete any final documents. This is not the same as filing the final state income tax return (assuming there is a filing requirement for your particular state).

Re: How do I file my Business taxes early for tax year 2020?

Critter-3 — Thu, 16 Jul 2020 19:52:21 GMT

If you will need to file the 2020 return prior to the 2020 program becoming operational next February you CAN use the 2019 program you already have however you MUST start a new return ... you will NOT be able to transfer the 2019 info AND you will not be able to efile it ... it must be mailed in.

Re: How do I file my Business taxes early for tax year 2020?

Innov8or44 — Fri, 17 Jul 2020 13:38:47 GMT

Thanks! Very helpful.