Income tax refund after dissolution of corporation

Nov 11, 2024 Last reply: 1 year ago 3 Replies
A

A friend has an interesting problem. He's received a refund of corporate income taxes for 2021. Unfortunately, he's dissolved the corporation and closed the bank account.



I suggested he contact the bank to see if they'll simply reopen the account; if they check with the state first, they'll learn of the dissolution.



If the bank cannot help, I don't know how to advise him.



There is a Form 966 for C corps but nothing comparable for S corps. I found a form to treat a Q Sub as flow through to the parent S corp but I'm not spotting anything about dissolving the parent S corp aside from stating "final return" when filing final returns.



Any advice?


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R

Not sure I understand the problem.

If you're saying he will receive a direct deposit to a bank account that no longer exists, can he not file an amended return to change the deposit information to his personal account?

If you're saying he received a paper check issued in the name of the corporation, can he not simply endorse it as an officer of the company and deposit it in his personal bank account?

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S

Exactly. Even after a corporation is legally dissolved, the management has the legal power to wind up any affairs of the corporation that were outstanding at that time.

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A

Thank you both.

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