Form 8752 Illinois 2024-2025

Form 8752 Illinois: What You Should Know

Corporations are required to file Form 813 only after they elect to dissolve their corporations by electing to form a liquid or other tax-exempt organization. Form 966, Corporate Dissolution and Liquidation — IRS Form 966 was made mandatory for corporations to dissolve after September 15, 2016, after a ruling by the Treasury Department's Office of the Federal Register.  The IRS is reminding businesses  to file Form 966 within 30 days of the closing date of a corporate election (e.g., Election to Become a Liquidating Entity or Liquidating Entity) or to file Form 946 by the expiration date of the liquidation election. Form 966 has changed to conform to Section 4 of the Internal Revenue Code. Corporate Dissolution and IRS Form 966 — How to Satisfy When liquidating an S corporation, Form 966 and/or 946 must be filed within 30 days after an election, or by the expiration date of, whichever is later. The IRS issued new guidelines for filing this form in advance of the new deadline. The instructions were updated to reflect these new procedures.  Form 966 Corporate Dissolution — IRS If you are filing Form 966 to dissolve your corporation, it is important to know the new guidelines for Form 966. Check the latest information from the IRS and consult the state tax regulations for other requirements.  What Is the New Schedule 966 You May Need to File with Your Corporation? Form 966 must be filed by the corporation that's going out of business within two business days after such corporation's election to dissolve. The election is to be made by depositing an amount with any bank or savings and loan company.  Corporate Dissolution and IRS Form 966 — Where to Start Form 966 must be filed with your state (or local) tax authorities. However, your state will have different requirements for filing a Form 966. In general, you are required to file Form 966 with a bank or savings and loan company unless you meet the state requirements of Form 965. Check with the state or local tax authorities for their requirements.  A Form 966 filing with a bank or savings and loan company is likely not the solution as it won't be sufficient to dissolve your corporation because the bank or savings and loan company will only receive payment directly from the S corporation.

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