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Final S-Corp Return

December 07, 2016 • Sally Sackett • Log In to Post Comments

I recently viewed your on-demand webinar "Dissolving and Walking Away from California Entities" and would like clarification on the filing of the final return for the S-Corp. I have a client who wrapped up her S-corp in 2015 and filed her DISS STK sometime after December 16, 2015. She does not know the exact date it was received by the state but believes it was after 1/1/2016. She then filed her full calendar year 2015 S-corp return on 3/7/2016 with no activity and no balance sheet and did not check the box final. She also paid her $800 min tax for 2016 before April 15th thinking that since the state had not received the DISS STK by the year end she would have to file a return for 2016 and pay the min tax. Can we amend her 2015 return to check the box final and request a refund of her $800? Thank you.


Comments

It appears that this may be allowed.  The following is from the FTB's website at https://www.ftb.ca.gov/businesses/faq/ab2341faq.shtml: 

Our business entity filed a timely final return. However, we did not check the FINAL return box on the return. How do we correct this situation?

If the last return was timely filed, send a letter (applies to all entities) to FTB containing all of the following:

  • The return for the preceding taxable year is our final return.
  • The entity did not conduct any business after the last day of the preceding taxable year.
  • Attach a copy of the Certificate of Dissolution, Surrender, or Cancellation showing the date SOS granted the dissolution, surrender, or cancellation and that it was done within 12 months of the filing date of the timely final franchise or annual tax return.

Send the letter and documentation to:

FRANCHISE TAX BOARD
P.O. BOX 942857
SACRAMENTO, CA 94257-0540

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