Why do I have to date my Final return for my S-corp?
When you file a final return for your S-corporation, you are indicating to the IRS that your business has ceased operations and will no longer be filing tax returns. The date on the final return is important because it establishes the end date of your business's tax year and the date on which your tax obligations will end. The date on the final return is also used to determine the due date for any final tax payments that may be owed. For example, if your S-corporation has a tax year that ends on December 31st and you file a final return on June 30th of the following year, any tax payments that are due will be calculated based on the period from January 1st to June 30th. In addition, the date on the final return is used to determine the period for which your business will be liable for any tax audits or assessments. Generally, the IRS has three years from the date a tax return is filed to audit or assess additional taxes. By dating your final return, you establish the end date of your business's tax year and limit the period for which your business may be subject to audit or assessment. Overall, dating your final return is an important step in properly closing your S-corporation's tax obligations and ensuring that you are not subject to any unnecessary tax liabilities or audits in the future.
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