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Tax prep Q - Form 1120s
Posted on 2/6/15 at 9:02 pm
Posted on 2/6/15 at 9:02 pm
0 income, 0 deductions, 0 everything, 1 owner (me).
I can't imagine this is too hard, but I wanted to gauge the MTs thoughts on it. I should have done a final return/final K-1 last year but I thought I might use it again. I had a CPA prepare it last year. Since I don't have that complexity this year, I bought turbo tax.
So ... Fill out 1120s, do K-1 - that easy?
I can't imagine this is too hard, but I wanted to gauge the MTs thoughts on it. I should have done a final return/final K-1 last year but I thought I might use it again. I had a CPA prepare it last year. Since I don't have that complexity this year, I bought turbo tax.
So ... Fill out 1120s, do K-1 - that easy?
3
Posted on 2/6/15 at 9:52 pm to rmc
It's that easy. Don't forget to file your state. LA will look for a return every year until you file for dissolution with the Sec of State.
Posted on 2/6/15 at 9:58 pm to rmc
I think you mean 1065 and yes. Mark final on the K-1. Just go to a CPA.
Wait, 1 owner? No partnership, no 1065, no K-1.
Wait, 1 owner? No partnership, no 1065, no K-1.
This post was edited on 2/6/15 at 10:00 pm
Posted on 2/6/15 at 10:12 pm to rmc
quote:Did you have any assets in the corporations that were distributed to you upon liquidation? If so, then you will have to report the fair market value of those assets as distributions on your final K-1. And you should also have filed Form 966 to report the liquidation or dissolution of the corporation.
So ... Fill out 1120s, do K-1 - that easy?
Posted on 2/7/15 at 5:11 pm to CalcuttaTigah
quote:
calcuttatigah
What does this mean? The guy has an S corp. He never said anything close to the word partnership or LLC taxed as a partnership
Posted on 2/7/15 at 5:12 pm to Poodlebrain
Good advice by Poodlebrain. If you still had assets owned by the Corp in 2014 you probably want to go back to your CPA
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