I am preparing a final year return for a Company going out of Business and having trouble zero out depreciation and retained earnings. Can anyone help me?
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I am preparing a final year return for a Company going out of Business and having trouble zero out depreciation and retained earnings. Can anyone help me?
That is a very technical issue for a subchapter S corporate return.
You need to contact a CPA or enrolled agent to prepare such a return if you are not SURE how to do it. It may cost you anywhere from $500 to $1,000, but it will be worth it to avoid potential HEADACHES that an IRS audit would produce.
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