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I filed to dissolve an illinois s corporation that has 0…

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I filed to dissolve...

I filed to dissolve an illinois s corporation that has 0 assets. The paperwork was sent certified mail yesterday. The IRS is trying to get me to pay late filing fees for my 1120 forms. I submitted a request for due process hearing, which is scheduled by phone in later January. How long before Illinois dissolves my S corporation and can the IRS make me file late filing fees assessed to the corporation?

Lawyer's Assistant: Has anything been officially filed? If so, what?

I filed the form with the state of Illinois to dissolve the corporation effective yesterday.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

If the corporation ceases to exist as of 12-29-17 can the IRS hit me personally with late filing fees for my 1120 forms?

Submitted: 1 month ago.Category: Legal
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Answered in 9 hours by:
12/31/2017
Lawyer: Blake, Lawyer replied 1 month ago
Blake
Blake, Lawyer
Category: Legal
Satisfied Customers: 98
Experience: Counsel at Warningstar Intelligence
Verified

Hello, I am a licensed attorney with JustAnswer and I will be happy to help you with this. Please keep in mind that this conversation is for informational purposes only and does not establish an attorney client relationship. Please wait one moment while I review this matter for you.

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Lawyer: Blake, Lawyer replied 1 month ago

Thank you for your patience.

Regardless of whether the corporation is voluntarily dissolved or involuntarily dissolved or dissolved by court order, it is still responsible for its taxes. The corporation will not owe future corporate taxes, even if the business it governs continues to exist. Instead, the business or individual owners of the business will owe these taxes.

Therefore, unfortunately, it is very likely that you will be able to be held accountable for the outstanding tax liabilities of the company if you were one of the individual owners of the corporation.

I wish I had better news for you, but I'm sure you would prefer to get an accurate answer, rather than be told what you would like to hear but get false information.

If you believe that the late filing was made for an excusable reason, you may file for an abatement of the late filing fees by using these links:

File a form 843 - http://www.irs.gov/pub/irs-pdf/f843.pdf to request the "accuracy related penalty" be abated based on the preparer's honest mistake. Here are instructions - http://www.irs.gov/pub/irs-pdf/i843.pdf

I wish you all the best with this.

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