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Form 966 El Cajon California: What You Should Know
This form tells the IRS that an S corporation is in liquidation, and to take all the assets of the corporation off the books of the corporation and deposit them in a bank or trust company. The Corporation has the right to appeal to the Board of Governors to determine if the Corporation is solvent and in liquidation at the time of filing. The Corporation can file Form 966 (Rev. April 2004) instead of paying the penalty, if: (1) The Corporation has no assets left; and (2) If an appeal does not resolve the Corporation's insolvency, the Corporation will submit the required financial information to the Director of Finance within a 90-day period after receiving the Director's written decision. The IRS forms have a similar format to W-2 tax forms, where Form. 946 is the Schedule C, and the required tax return information is contained in Part II, Column 4. The required financial information is found in the Form 1422, Income and Expenses, and has a similar format. Form 966 is the IRS form they use for closing down non-resident S corporations if the stockholders no longer wish to continue to conduct business in the United States. They do not, however, file Form 946 for these corporate closures.
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