Question

Should I close out my S corp?

I sold my business in the beginning of 2013. I have not been doing any sales since that time. Should I close out my S Corp before December 15th for better tax purposes?

5 months ago - 2 answers

Best Answer

Chosen by Asker

Yes, you can file a "final" tax return for the Scorp. However, if you are receiving payments from the buyer they are technically the Scorps assets that were sold, so you may want to leave it open so these payments can flow through it and onto your K-1. When all payments are complete, then you can close the Corp.

5 months ago

Other Answers

I would

Source(s)

by Tricia - 5 months ago