Closing an S-Corp

[scurry]

Hello Everyone,

I am changing jobs and will no longer be paid as an S-corp. From now on, I will be getting a W2. Therefore, I will be closing my S-corp. What are the basic steps to closing/dissolving an S-corp and approximately, how long does this take?

Thanks in advance.

[jfoxcpacfp]

scurry wrote:

Hello Everyone,

I am changing jobs and will no longer be paid as an S-corp. From now on, I will be getting a W2. Therefore, I will be closing my S-corp. What are the basic steps to closing/dissolving an S-corp and approximately, how long does this take?

Thanks in advance.

Click to expand...

You need to check with your Secretary of State. Typically, you will file "Articles of Dissolution" and final returns with all appropriate authorities. Look for a checkbox on each return (federal and state income tax along with payroll tax) marked "Final Return" and check it. It is fairly easy and you should be able to file Articles of Dissolution online, but what is included with that filing varies from state to state. Since you are doing this mid-year, you will have a partial year filing for all applicable returns.

[scurry]

Great. Thanks for your help. Out of curiosity, if i have an accountant take care of this, what would be a reasonable fee to expect?

[jfoxcpacfp]

scurry wrote:

Great. Thanks for your help. Out of curiosity, if i have an accountant take care of this, what would be a reasonable fee to expect?

Click to expand...

To file the articles, $100 - $200, I would guess. To file final returns, it depends on how clean the bookkeeping is and if returns have been filed in compliance (accurate basis statements, correct reporting of results, balance sheet submitted) in the past.

[scurry]

Great. Thanks for the reply.