Good morning.How do you prepare a final 1120 for a dissolved corporation? It does not allow me to select the 23 tax year. YE is 12/31, dissolved 8/7/23

Forum|Forum|2 years ago
August 9, 2023
1 reply
6 views

Thanks very much for your consideration

ProConnect Tax

This topic has been closed for replies.

IRonMaN

Level 15

Two choices -

Extend the return and file when the 2023 forms are ready.

or

Paper file using the 2022 forms by crossing off 2022 and manually writing 2023 on the forms.

Slava Ukraini!

abctax55

Level 15

Wow.... echo, echo, echo 😉

I'd add that make sure you triple check ALL carryovers, and depreciation, and any tax law change implications.

I suggest waiting for 2023 software if at 'all' possible.

HumanKind... Be Both

PATAX

Level 12

@abctax55 @IRonMaN there's also a chance that the actual tax rate may increase from the flat 21% to I believe 28% which they are proposing. While I doubt that this will happen, remember a couple of years or so ago the 15% tax bracket was eliminated and the flat 21% tax instituted. The 15% tax bracket I believe applied to taxable income under $50,000, I.E. it usually applied to small businesses. But small businesses got the shaft and it went from 15% to 21%, and I thought the politicians were always trying to help small businesses. What a joke.

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