Dear all,
I am a small c corp business owner doing online sales, I am the only employee. I have been running it for a couple of years. The business is not good this year and I would like to close it. It would be great if I can do this by the end of this year. I have done some research online, but still confused about some points.
1) I still have some cash in the business bank account. Do I have to zero out the balance (by distributing as dividend) at the end of this year？ My question is: the tax return of this year will not be filed until early 2017. I would have to leave some money in the bank account to pay the federal/state tax. It is not possible to zero out the balance at the end of this year.
2) I also went over the checklist for closing a business, which seems to be a little lengthy and complicated. Since I am the only owner, could someone advise the necessary steps to do so?
3) If I can not close the business by the end of this year (for some reason, such as the issue I raised in question 1), can I just do it at the beginning of 2017? I will stop doing the business definitely. I will leave funding to make sure it is enough for the federal/state tax 2016. After tax return, all I have with my business would be some money in the account. If I choose to do close the business at that time, I still have to file a final tax return. Is it that the tax return in 2017 can only be filed between 1/1/2018 and 3/15/2018 or I can just file a tax return of 2017 at any time of the year.
Thanks in advance for you inputs.
I am a small c corp business owner doing online sales, I am the only employee. I have been running it for a couple of years. The business is not good this year and I would like to close it. It would be great if I can do this by the end of this year. I have done some research online, but still confused about some points.
1) I still have some cash in the business bank account. Do I have to zero out the balance (by distributing as dividend) at the end of this year？ My question is: the tax return of this year will not be filed until early 2017. I would have to leave some money in the bank account to pay the federal/state tax. It is not possible to zero out the balance at the end of this year.
2) I also went over the checklist for closing a business, which seems to be a little lengthy and complicated. Since I am the only owner, could someone advise the necessary steps to do so?
3) If I can not close the business by the end of this year (for some reason, such as the issue I raised in question 1), can I just do it at the beginning of 2017? I will stop doing the business definitely. I will leave funding to make sure it is enough for the federal/state tax 2016. After tax return, all I have with my business would be some money in the account. If I choose to do close the business at that time, I still have to file a final tax return. Is it that the tax return in 2017 can only be filed between 1/1/2018 and 3/15/2018 or I can just file a tax return of 2017 at any time of the year.
Thanks in advance for you inputs.
Aucun commentaire:
Enregistrer un commentaire