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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10629
Experience:  30 years of corporate, litigation and international law
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I am the sole owner of a small S-corp located in New York.

Customer Question

I am the sole owner of a small S-corp located in New York. I'm planning to transfer ownership and all control of the corporation to my wife. I would like to know exactly what forms I need to file with IRS and New York State.

No need to explain each form just a list would be fine.

Submitted: 2 years ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 2 years ago.
Hello, my name is Richard. I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.
Are you going to make the change at the end of the year or mid year?
Customer: replied 2 years ago.

I would like to do it mid year

Expert:  Richard - Bizlaw replied 2 years ago.
I am assuming your wife will take over all responsibilities for the corporation and be the officer in place of you. With respect to NY forms you will need to file form DTF - 95 which allows you to change the person who is the responsible officer. For the corporation you will need to effectively close out the tax year as of the date you make the transfer and prepare a K-1 for yourself on that basis. The corporation does not file a return but income or loss after the date of the transfer will be solely for the account of your wife as she will be the sole shareholder rather than you. Those are the only forms to prepare and the K-1 you do not file until year end.
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