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Friend did not receive dissolution from state operated a…

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Friend did not receive...
Friend did not receive dissolution from state operated a dissolved corp. S Corp . Accountant said to file taxes as a sole proprietor.
Submitted: 1 month ago.Category: Tax
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Answered in 3 minutes by:
12/28/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,715
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

If all returns were filed for 2016 and noted as final then for 2017 he should file as Sole Prop using Schedule C if he continued to operate in 2017.

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Customer reply replied 1 month ago
He filed a final return in 2015. But dissolution not received until he checked w state in 2017. He thought he had to wait for state papers so he continued with business
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

If he filed the final return in 2015 then he really should have waited to file the final for half the year in 2016 and then the remaining year for 2016 as sole prop. For NJ, a final Corporation Business Tax return (Form CBT-100/CBT-100S) must be filed within 30 days of the date of dissolution or withdrawal. The return will cover the period from the beginning of the current accounting period to the legal date of dissolution or withdrawal.

The accountant is correct to file as sole prop but not until the final date.

A positive 5 star rating is appreciated so I am credited for answering.

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