If the resolution or plan is amended or supplemented after Form 966 is filed file another Form 966 within 30 days after the amendment or supplement is adopted. The additional form will be sufficient if the date the earlier form was filed is entered on line 11 and a certified copy of the amendment or supplement is attached. Include all information required by Form 966 that was not given in the earlier form. Who Must File A corporation or a farmer s cooperative must file Form 966 if it adopts a...resolution or plan to dissolve the corporation or liquidate any of its stock. For purposes of determining gain or loss the Cat. No. 17053B Rev. 12-2010 Form 966 Rev. 12-2010 distributed assets are valued at fair market value. Foreign corporations that are not required to file Form 1120-F U.S. Income Tax Return of a Foreign Corporation or any other U.S. tax return are generally not required to file Form 966. Signature of officer Title Date Instructions When To File Section references are to the...Internal Revenue Code unless otherwise noted. File Form 966 within 30 days after the resolution or plan is adopted to dissolve the corporation or liquidate any of its stock. Exempt organizations and qualified subchapter S subsidiaries should not file Form 966. Exempt organizations should see the instructions for Form 990 Return of Organization Exempt From Income Tax or Form 990-PF Return of Private Foundation or Section 4947 a 1 Nonexempt Charitable Trust Treated as a Private Foundation....Subchapter S subsidiaries should see Form 8869 Qualified Subchapter S Subsidiary Election. CAUTION Do not file Form 966 for a deemed liquidation such as a section 338 election or an election to be treated as a disregarded entity under Regulations section 301. Of common parent consolidated return was filed Yes 7c Name of common parent No Common Preferred Total number of shares outstanding at time of adoption of plan of liquidation Date s of any amendments to plan of dissolution Section of the...Code under which the corporation is to be dissolved or liquidated If this form concerns an amendment or supplement to a resolution or plan enter the date the previous Form 966 was filed Attach a certified copy of the resolution or plan and all amendments or supplements not previously filed. Under penalties of perjury I declare that I have examined this form including accompanying schedules and statements and to the best of my knowledge and belief it is true correct and complete. Form Corporate...Dissolution or Liquidation Rev. December 2010 Please type or print OMB No. 1545-0041 Required under section 6043 a of the Internal Revenue Code Department of the Treasury Internal Revenue Service Name of corporation Employer identification number Number street and room or suite no. Exceptions to this rule apply to a liquidation of a subsidiary and to a distribution that is made according to a plan of reorganization. Foreign Corporations 966 if required under section 6043 a. If a P. O. box number...see instructions. Check type of return Date incorporated Place incorporated Service Center where corporation filed its immediately preceding tax return Type of liquidation Complete Last month day and year of immediately preceding tax year 1120-L 1120-IC-DISC City or town state and ZIP code 1120S Other Date resolution or plan of complete or partial liquidation was adopted Partial final tax year 7b Was corporation s final tax return filed as part of a consolidated income tax return If Yes ...complete 7c 7d and 7e.
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Instructions and Help about IRS 966
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To ensure accurate completion of the IRS 966 tax form, consider using tools like pdfFiller that provide editing capabilities. These tools allow users to input necessary information, correct errors, or adjust the format to meet filing requirements. Once the form is edited, it can also be saved for future reference or submitted directly as needed.
How to fill out IRS 966
Filling out IRS 966 requires specific information, including the name of the corporation, its Employer Identification Number (EIN), and relevant tax year details. Follow these steps for proper completion:
01
Access the form for the correct tax year.
02
Fill in the corporation’s name and address."
03
Provide the EIN and the tax year for which the form is being submitted.
04
Specify the reason for filing if applicable.
05
Review the form for accuracy before submitting it.
About IRS previous version
What is IRS 966?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS previous version
What is IRS 966?
IRS 966, officially known as "Corporate Dissolution or Liquidation," is a form used by corporations in the United States to notify the IRS of their decision to dissolve or liquidate. This form is an essential step in formally concluding a corporation's business affairs and ensuring proper tax compliance.
What is the purpose of this form?
The main purpose of IRS 966 is to inform the Internal Revenue Service that a corporation has decided to dissolve or liquidate. Filing this form helps ensure that all tax obligations are settled, and it provides a legal record of the dissolution. This notification is crucial for tax purposes as it initiates the closing of the corporation’s tax accounts.
Who needs the form?
IRS 966 must be filed by any corporation, including C-corporations and S-corporations, that wishes to dissolve or liquidate. If the corporation is planning to cease operations and formally terminate its existence, this form signals that intent to the IRS, helping prevent possible future tax liabilities.
When am I exempt from filling out this form?
Corporations may be exempt from filing IRS 966 if they are not formally dissolving or liquidating but instead merely ceasing operation without legal dissolution. Additionally, certain entities like sole proprietorships structure differently and would not require this form. It's important for corporations to assess their specific circumstances to determine eligibility for exemption.
Components of the form
The IRS 966 form consists of several sections that capture essential information about the dissolving corporation. Key components include the corporation's name and address, EIN, tax year details, the effective date of dissolution, and a statement of intent regarding the liquidation. Each component plays a critical role in ensuring proper identification and processing by the IRS.
What are the penalties for not issuing the form?
Failing to file IRS 966 when required can result in penalties, including potential liabilities for unpaid taxes associated with the corporation's final year of operation. The IRS may also impose fines for late filing or failure to notify them of dissolution, complicating the corporation's tax matters further. It's essential to comply with filing requirements to avoid adverse consequences.
What information do you need when you file the form?
When filing IRS 966, you'll need the corporation's full name, business address, EIN, the date the dissolution is effective, and signatures from authorized individuals involved in the process. Ensuring all these details are accurate is crucial for the form's acceptance by the IRS.
Is the form accompanied by other forms?
Typically, IRS 966 may need to be filed along with other forms depending on the corporation’s financial situation and ongoing obligations. For example, some corporations might also need to submit final tax returns or other notifications related to employee compensation and tax withholding. Review specific IRS guidelines to determine if additional forms are necessary.
Where do I send the form?
IRS 966 must be sent to the address specified in the form instructions based on the corporation’s location and applicable IRS guidelines. Generally, this will be the address for the appropriate Internal Revenue Service office handling corporate tax matters.
FAQ about IRS 966
What should I do if I realize I've made a mistake on my form 966 2010 after submitting it?
If you find an error on your form 966 2010 post-filing, you can submit an amended version. Be sure to clearly indicate that it's a correction and include any necessary documentation to support the changes. Follow the specific instructions for amendment to ensure that your corrections are processed efficiently.
How can I track the status of my form 966 2010 after filing?
To verify the receipt and processing of your form 966 2010, you can check the online tracking service provided by the IRS. Common e-file rejection codes can indicate why your submission was denied, so be sure to familiarize yourself with these codes and correct any issues to successfully resubmit.
What records should I retain after filing my form 966 2010?
It's important to keep copies of your filed form 966 2010 and related documentation for at least three years after the due date or filing date. This record retention period helps you respond to any audits or inquiries from the IRS and ensures compliance with legal requirements.
Are there special considerations for nonresidents or foreign payees regarding form 966 2010?
Nonresidents and foreign payees must adhere to specific filing guidelines for form 966 2010, especially concerning taxation laws. If you are filing on behalf of such individuals, ensure to provide proper documentation and any relevant tax identification numbers to facilitate the process.
What should I consider if I receive a notice or letter regarding my form 966 2010 submission?
If you receive a notice from the IRS about your form 966 2010, review it carefully for any specific instructions or requests for additional documentation. Prepare to respond promptly, gathering necessary information to clarify the issue or confirm your compliance with IRS regulations.
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