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?
You'll need to sign in or create an account to connect with an expert.
file articles of dissolution with your state....mark the return as final, dispose of all assets and inventory.
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?
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.
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
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?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
lishlou25-5
New Member
khustace49
New Member
makeitreynes
New Member
cnhowardcell
Returning Member
rferris50
New Member