Level 3

Departing taxpayer

Forum|Forum|3 years ago
May 25, 2023
1 reply
6 views

I have a taxpayer that is a resident alien and will be leaving the country soon permanently. I see that a 1040-C will need to be filled out, but is there an equivalent form for the 1120s? Amy help would be greatly appreciated! Thank you in advance!

ProSeries Professional

This topic has been closed for replies.

sjrcpa

Level 15

The S Corporation still exists no matter where the shareholders live.

But, if the client is giving up his green card, then he is no longer an eligible S Corporation shareholder and then you have a C Corporation.

The more I know the more I don’t know.

BobKamman

Level 15

I would really be worried about those 80,000 armed IRS agents at every US airport, checking for 1040-C's before TSA checks for explosives. Just kidding. That form is just another joke, like the 2063. Your clients have better things to do than waste their time at an IRS office, where no one will know what they're looking at anyway.

sjrcpa

Level 15

I once got a frantic call from the owner of a corporation. One of their employees was at the US-Canada border and needed proof that the corporate tax return had been filed before the employee could cross. That was at least 15 years ago. It was very strange.

The more I know the more I don’t know.

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