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Tax due on Final Form 1120
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earl_garrison
Level 3
11-01-2021
02:27 PM
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Without asking me, the shareholder on a C Corporation closed the bank account prior to filing final Form 1120. There is tax due on this return. How can he now pay the tax?
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4 Comments 4
qbteachmt
Level 15
11-01-2021
02:42 PM
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Business credit card, bank wire, etc:
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BobKamman
Level 15
11-01-2021
02:53 PM
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Assuming they received assets when the corporation dissolved, they are personally liable for the debt. So a personal check would be fine. But do they owe state tax also? Unless you're on accrual basis, that would have to be deducted on this year's return, then carried back. Worth it? Depends on amount. First, figure out who pays your fees.
abctax55
Level 15
11-01-2021
10:10 PM
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Aren't C corps required to use EFTPS for all payments?
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BobKamman
Level 15
11-01-2021
11:30 PM
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I suppose so, but I've never seen IRS send a check back, and if the taxpayer doesn't know how to use EFTPS it's probably easier to pay the 2% fee or ignore the bill. Not that we would advise them to do that.
"We may charge penalties if you do not make required deposits on time, make deposits for less than the required amount or if you do not use EFTPS when required. We will not charge penalties if you did not willfully neglect to make a proper and timely deposit and you have a reasonable cause."
