Sale of Corporation

[RayT]

Client is purchasing a CA for profit corporation, C corporation (will purchase all shares from the sole shareholder/owner). They have both signed-off on a Purchase Agreement. They plan to file an amended report to the CA Secretary of State indicating the new officers, etc. My question is related to the IRS. How is this new information on the corporation submitted to the IRS? All comments appreciated.

[ChEAr$]

Client is purchasing a CA for profit corporation, C corporation (will purchase all shares from the sole shareholder/owner). They have both signed-off on a Purchase Agreement. They plan to file an amended report to the CA Secretary of State indicating the new officers, etc. My question is related to the IRS. How is this new information on the corporation submitted to the IRS? All comments appreciated.

I can't think of any separate reporting requirement to IRS. Remember, the corporation is
the taxpayer, regardless of who the shareholders happen to be at any time of the year.

Salaries to any new officer/employees are reported somewhere on the next 1120 that is
filed of course.