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rmastertrim
Returning Member

Closing or Liquidation an S Corporation

I'm currently trying to close or shut down my S Corp. My S Corp has losses over the years but a little cash left in it's bank account and I plan use it to pay back as much of the loans the (100%) owner (myself) made to the corporation over the years, before closing. 

I like to know how to legally/properly shut down/close my S Corp using Turbo Tax to accomplish this?

What is the best way to allocate/reimburse left-over bank funds back to the owner (myself), using Turbo Tax? 

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5 Replies

Closing or Liquidation an S Corporation

file articles of dissolution with your state....mark the return as final, dispose of all assets and inventory.

rmastertrim
Returning Member

Closing or Liquidation an S Corporation

In Turbo Tax Business, I've already selected this to be my final return.

Where (using Turbo Tax) do I post/report disposal of Assets,  Inventory and losses?

liv4
New Member

Closing or Liquidation an S Corporation

I stopped using my S Corporation in 2018.  What do I have to do to notify the State of Louisiana and Texas that I will no longer be using the S Corp.  I have no income for 2019 from my consulting business (retired)  I have a rental house but report in on my personal income tax return on schedule E

Do I need to file a tax return for 2019 with zero income on my S Corporation.

RobertG
Expert Alumni

Closing or Liquidation an S Corporation

Yes, you should file a final corporate return.

 

You can contact the Louisiana Secretary of State's office at Corporations 225.925.4704

 

You can contact the Texas Secretary of State's office at: (512) 463-5586
 

@liv4

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Tiger2020
New Member

Closing or Liquidation an S Corporation

I am closing my S Corp on 4/30/2020. You are supposed to file the final return within 3 months after closing which would be 7/31/2020. Do I use  a 2019 form or a 2020 form which is probably not available online through Turbo Tax until the year 2020?

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