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Video instructions and help with filling out and completing Irs Form 966 Penalties

Instructions and Help about Irs Form 966 Penalties

Hi my name is rose bolton enrolled agent from the California Society of enrolled agents education foundation today on tax news live I will discuss how do I close my California business entity business entities registered with the California Secretary of State can dissolve surrender or cancel their businesses in California as follows domestic corporations those originally incorporated in California may legally dissolve foreign corporations those originally incorporated outside of California may legally surrender limited liability companies and partnerships both domestic and foreign may legally cancel businesses dissolve surrender or cancel when they are ceasing operations in California and need to terminate their legal existence here I'm Alvaro Hernandez the Franchise Tax Board small business liaison now that Rose has gone over the definitions I want to share with you the steps that you need to take to properly close your business entity first of all you need to file any delinquent tax returns second you need to make sure you pay any outstanding balances including penalties fees and interests and finally you need to file a final return for the current year or the final year and on top of that return you need to write final and check the box that says final return and you need to file the appropriate forms with the Secretary of State within the 12-month period of time for more information go to the Secretary of State's website or call them also important to know if your business entity is currently suspended you must revive before you can close with the Secretary of State you'll need to file any delinquent tax returns and pay any tax liabilities if you have any questions contact us we can help good luck in back two rows I hope you have found this information helpful I'm Rose...