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NY Form 966: What You Should Know

New law (S. 1679) amended the Corporations Act in New York to allow a corporation to liquidate when its debts and obligations are equal to 10,000 but less than 150,000 and to establish that a resolution of the board should be passed by a majority vote. As a result, a Form 966 has to be filed with the IRS if a resolution has been adopted to liquidate a corporation. In many cases, a corporation has not acquired significant assets. Consequently, a corporate resolution is not required. But a corporate resolution is not a sufficient reason to file a Form 966 as most debts and obligations are greater than 150,000. The IRS may request to see a document from the State of New York stating that an amount over 150,000 has been incurred for business purposes. [14] To resolve an S corporation dissolution, SSF is not necessary, but it is a good idea. SSF is used by some banks and brokerage firms when filing a bankruptcy petition. The S corporation will need to file with the IRS Form 966 after a corporate resolution to liquidate is adopted. The IRS will not accept SSF unless any amounts owed have been paid in full as of the date of the Form 966 filing in the old state. (See, 966: Form 8802.) If the S corporation fails to file SSF on time, it could incur penalties or a collection and will not be allowed to liquidate under § 882 of the tax code. SSF should be filed within seven (7) months of filing the Form 966.  (See 966: Form 8802, Form 8802, Final, if no Form 8802 at that time). FORM 966— CORPORATION TO LIQUIDATE OR DIVIDE  Form 966 is the IRS form that must be filled out when closing down an S corporation. In this situation, you are responsible Form 966 Corporate Dissolution or Liquidation. Form 966 (Rev. October 2016) — IRS 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. Form 966 Corporate Dissolution or Liquidation — Counsel  Form 966 Corporate Dissolution or Liquidation is the IRS form that must be filled out when closing down an S corporation.

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