Form with which a corporation may resolve to alter its organization structure from a subchapter (s) corporation to another corporate form.
Maricopa Arizona Terminate S Corporation Status - Resolution Form - Corporate Resolutions
State:
Multi-State
County:
Maricopa
Control #:
US-0054-CR
Format:
Word;
Rich Text
Instant download
Description
How to fill out Terminate S Corporation Status - Resolution Form - Corporate Resolutions?
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FAQ
File Form 966 With the IRSThe IRS requires S corporations to file form 966, Corporate Dissolution or Liquidation, within 30 days of adopting a corporate resolution to dissolve.
A corporation (or a farmer's cooperative) must file Form 966 if it adopts a resolution or plan to dissolve the corporation or liquidate any of its stock. Exempt organizations and qualified subchapter S subsidiaries should not file Form 966.
For an S corporation you must:File Form 1120-S, U.S. Income Tax Return for an S Corporation for the year you close the business.Report capital gains and losses on Schedule D (Form 1120-S).Check the "final return" box on Schedule K-1, Shareholder's Share of Income, Deductions, Credits, Etc.
As provided by the IRS: File Form 966 within 30 days after the resolution or plan is adopted to dissolve the corporation or liquidate any of its stock. If the resolution or plan is amended or supplemented after Form 966 is filed, file another Form 966 within 30 days after the amendment or supplement is adopted.
If business owners want to revoke the S Corp election retroactively to the first day of their tax year, they must submit their statement by the 16th day of the third month of the tax year.
For an S corporation you must:File Form 1120-S, U.S. Income Tax Return for an S Corporation for the year you close the business.Report capital gains and losses on Schedule D (Form 1120-S).Check the "final return" box on Schedule K-1, Shareholder's Share of Income, Deductions, Credits, Etc.
You simply resign. Submit a written statement to the board of directors informing them of your resignation and its effective date. Resigning won't cut off anyone's right to try and sue you for wrongful acts you committed while you were an officer.
To revoke S corp status, the company must send a letter to the IRS requesting the revocation. The letter must be signed by all shareholders who agreed to it. According to the IRS, the letter should state that the corporation revokes the election made under Section 1362(a).
Absent a penalty authorized in the law, there is literally no penalty for failing to file Form 966. Legal Information Institute: U.S. Code 6652 - Failure to File Certain Information Returns, Registration Statements, etc.
