Technical topics regarding tax preparation.
25-Jan-2022 7:52pm
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I am converting a C-Corp to S-Corp, when filing the 1120 for 2021, does it have to be marked as final since we will be doing the 1120-s the following year or no since the company continues to operate but just filing a different tax form. Thanks ahead of time for your input.
25-Jan-2022 8:31pm
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26-Jan-2022 10:13am
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No, as the professor said.
Important note: if you have some accumulated profits in the C, watch for good timing to declare some divs and eventually clear them out....right now, they're tax-favored...esp. in a year when income might be down for the shareholder.
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