I bought an S corporation July 1 and I am responsible for filing all tax returns. Do I file one return or two (each for 6 months with different owners)?

[Critter]

This is nothing you want to complete yourself due to the complexity of the situation especially if your books are not in order  ... seek qualified professional assistance.

[lisa12]

Thanks. Everyone keeps telling me different things. Do I go to someone who wants to file two returns, or just one and show the ownership change?

[TaxGuyBill]

If you bought the shares of the existing corporation, only one corporate tax return would be filed.

If you bought all of the assets of a business and formed a new corporation, then two corporate tax returns are filed (one by you, one by the former owner).

[lisa12]

THANK YOU VERY MUCH!