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Sample 966 is a document used to inform the IRS once you decide to dissolve and wind up your business. Exempt organizations should avoid the template. If the corporation is foreign, it still has to submit the blank if it used to submit tax returns. The document is one-page long and has to be dated and validated with a signature.
When to Close Bank Account After Corporate Dissolution?
During the process of dissolving the company, the bank account will have to remain active until the process is completed. What that means is that all associated costs for closing the company down can be paid for via the bank account. However, it will not be available for a new business. When it needs to be closed depends on the state.
What Happens If I Close a Corporation and Do Not File Form 966?
When a corporation decides to wind up, it should submit the form within a month since the decision was made to liquidate. In case of amendments after submission, another sample should be filed within the next 30 days. However, the law doesn’t specify penalties for failing to submit the template.
What to Attach to Form 966?
The completed blank should be filed together with a copy of the Resolution to Dissolve the Business. The copy of the Resolution must be certified. Otherwise, it will be rejected.