• Income tax refund after dissolution of corporation

    From Adam H. Kerman@21:1/5 to All on Mon Nov 11 18:35:52 2024
    A friend has an interesting problem. He's received a refund of corporate
    income taxes for 2021. Unfortunately, he's dissolved the corporation and
    closed the bank account.

    I suggested he contact the bank to see if they'll simply reopen the
    account; if they check with the state first, they'll learn of the
    dissolution.

    If the bank cannot help, I don't know how to advise him.

    There is a Form 966 for C corps but nothing comparable for S corps. I
    found a form to treat a Q Sub as flow through to the parent S corp but
    I'm not spotting anything about dissolving the parent S corp aside from
    stating "final return" when filing final returns.

    Any advice?

    --
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  • From Stuart O. Bronstein@21:1/5 to Rick on Mon Nov 11 22:54:12 2024
    Rick <rick@nospam.com> wrote:
    Adam H. Kerman wrote:

    A friend has an interesting problem. He's received a refund of
    corporate
    income taxes for 2021. Unfortunately, he's dissolved the corporation
    and
    closed the bank account.

    I suggested he contact the bank to see if they'll simply reopen the
    account; if they check with the state first, they'll learn of the
    dissolution.

    If the bank cannot help, I don't know how to advise him.

    There is a Form 966 for C corps but nothing comparable for S corps. I
    found a form to treat a Q Sub as flow through to the parent S corp but
    I'm not spotting anything about dissolving the parent S corp aside
    from
    stating "final return" when filing final returns.

    Any advice?


    Not sure I understand the problem.

    If you're saying he will receive a direct deposit to a bank account
    that
    no longer exists, can he not file an amended return to change the
    deposit information to his personal account?

    If you're saying he received a paper check issued in the name of the corporation, can he not simply endorse it as an officer of the company
    and deposit it in his personal bank account?

    Exactly. Even after a corporation is legally dissolved, the management
    has the legal power to wind up any affairs of the corporation that were outstanding at that time.

    --
    Stu
    http://DownToEarthLawyer.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Rick@21:1/5 to Adam H. Kerman on Mon Nov 11 22:41:26 2024
    On 11/11/2024 6:35 PM, Adam H. Kerman wrote:
    A friend has an interesting problem. He's received a refund of corporate income taxes for 2021. Unfortunately, he's dissolved the corporation and closed the bank account.

    I suggested he contact the bank to see if they'll simply reopen the
    account; if they check with the state first, they'll learn of the dissolution.

    If the bank cannot help, I don't know how to advise him.

    There is a Form 966 for C corps but nothing comparable for S corps. I
    found a form to treat a Q Sub as flow through to the parent S corp but
    I'm not spotting anything about dissolving the parent S corp aside from stating "final return" when filing final returns.

    Any advice?


    Not sure I understand the problem.

    If you're saying he will receive a direct deposit to a bank account that
    no longer exists, can he not file an amended return to change the
    deposit information to his personal account?

    If you're saying he received a paper check issued in the name of the corporation, can he not simply endorse it as an officer of the company
    and deposit it in his personal bank account?

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Adam H. Kerman@21:1/5 to Stuart O. Bronstein on Tue Nov 12 09:12:54 2024
    Stuart O. Bronstein <spamtrap@lexregia.com> wrote:
    Rick <rick@nospam.com> wrote:
    Adam H. Kerman wrote:

    A friend has an interesting problem. He's received a refund of corporate >>>income taxes for 2021. Unfortunately, he's dissolved the corporation and >>>closed the bank account.

    I suggested he contact the bank to see if they'll simply reopen the >>>account; if they check with the state first, they'll learn of the >>>dissolution.

    If the bank cannot help, I don't know how to advise him.

    There is a Form 966 for C corps but nothing comparable for S corps. I >>>found a form to treat a Q Sub as flow through to the parent S corp but >>>I'm not spotting anything about dissolving the parent S corp aside from >>>stating "final return" when filing final returns.

    Any advice?

    Not sure I understand the problem.

    If you're saying he will receive a direct deposit to a bank account that
    no longer exists, can he not file an amended return to change the
    deposit information to his personal account?

    If you're saying he received a paper check issued in the name of the >>corporation, can he not simply endorse it as an officer of the company
    and deposit it in his personal bank account?

    Exactly. Even after a corporation is legally dissolved, the management
    has the legal power to wind up any affairs of the corporation that were >outstanding at that time.

    Thank you both.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)