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Suffolk New York Form 966: What You Should Know

How to File a Form 966 Corporate Dissolution or Liquidation Forms filed before September 2023 can be filed online through the extended Business Entity section of IRS.gov. Forms filed after September 2023 need to be filed on paper. Forms may be filed at a branch office or via IRS.gov mail. Before filing Form 966 with a corporate officer to close down an S corporation, you must give the corporate officer an affidavit and an explanation. In the affidavit, you must state that you made a good faith determination that s/he does not have enough assets, money, or assets of other kinds to continue to operate the corporation after the S corporation is dissolved. The corporation's assets must be in the form of cash, real estate, intangible property, or shares in the corporation. To prove that these are the “asset types” you allege that you must provide a copy of the company's articles and/or operating agreement that is filed with a federal or state authority. This is a time-consuming and tedious process, so be prepared to do it in writing. If you have trouble filling out the affidavit within 45 days, contact us at the email provided below. This process can take 6 to 8 weeks to complete. The affidavit must be signed by both the corporate officer and anyone who was an officer of the corporation at the beginning of the period between the effective date of the dissolution and the date the dissenter was appointed the S corporation's new corporate officer. If you have trouble filling out your form — don't be afraid to ask. If you can't prove that you can continue to operate the S corporation's business after all of its assets are liquidated, you will usually need to pay a 50,000 liquidation amounts to the corporation's shareholders. If you don't get a response from the corporate officer by the 60 day or 120-day deadline, call us at. Before submitting the Form 966 to the IRS, you must complete the Internal Revenue Service's Internal Revenue Service Form 966 Application and Declaration. The form is not filed electronically. You download the document by clicking on the link labeled “Application” at the top of IRS.gov. If you are filing Form 966 with a corporate officer, you may also need to fill out the IRS Form 8586 (Application for Dissolution of An S Corporation). This form is not filed electronically.

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