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I have an s corp that I want to close. I need 2014 and 2015

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I have an s corp...
I have an s corp that I want to close. I need 2014 and 2015 filing advice.
Submitted: 2 years ago.Category: Tax
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Answered in 56 minutes by:
10/11/2015
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,712
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. I'm PDtax, and can assist.

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Customer reply replied 2 years ago
i dont see any replt other than you saying you can assist. how do we do this discussion? I'm new to this.
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Start by telling me what you want me to do.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Once I know what you need, I will give you a price.

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Customer reply replied 2 years ago
okay. I started an s corp company in 2013. I received income but it was a prepayment for work anticipated in 2014. in January 2014 they terminated the contract but agreed I should keep the money paid. I didn't do any work in 2014 so didn't pay myself income or take a draw. so how do I deal with the money in 2014? just keep in on the books for the company?
then I plan to close the company now as I'm going back to work for another company. what do I do with the money in the corp account? can I just do a draw since I never did work?
Customer reply replied 2 years ago
what state are you licensed in?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Licensed in NY.

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Customer reply replied 2 years ago
I am in Colorado. will that affect your advice?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

No. I know how to address your questions.

I can do this for the amount posted.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

When you received a prepayment for income for services I assume you were to render, that is typically not income in 2013. It is a refundable deposit.

When the deposit was forfeited in 2014, it is income for 2014. File a 1120S and report the income on that return, and it also passes through for you to report on your 1040.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Since you are 100% owner of the S corp, all the corporate assets are yours, including the cash. You will pay tax on the income for 2014, so there will be no additional tax when you withdraw any of the funds.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

To close the corporation, you'll need to complete articles of dissolution. http://www.sos.state.co.us/pubs/business/helpFiles/DISS_LLC_HELP.html is the link to the CO instructions.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Send it to the CO Secretary of State, and they will provide a checklist for the steps you need to take to dissolve. I suggest you file a final 1120S and CO return, but CO will not hold up the dissolution pending releases of tax bills.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago

Hi again. PDtax here. Just following up to see if I answered your questions.

If so, please rate my assistance using the rating scale to close out your request. I'm PDtax.

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PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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