Tax on a liquidating distribution

In a filing with Bursa Malaysia today, Sona said tax returns for the Year of Assessment 2017 have been filed with the Inland Revenue Board (IRB).“The company’s tax agent is working with the IRB with the view to obtaining tax clearance as soon as possible.

The above factors are but a few of numerous factors to be considered before deciding to liquidate.

Should you have decided that the appropriate option is the liquidation process, our advice is that you contact ourselves because we have vast experience in the liquidation process.

Your best option depends on your particular tax situation.

Generally, you would calculate the additional tax penalty on Form 5329 if you qualify for one of the exceptions and your retirement plan did not report the exception on Form 1099-R in box 7.

To determine this, you should consider a lot of other factors whether your company will lose its vendors listing, BEE status, long term contracts, annuity income, and status or presence in the market.

A second factor to be considered in the liquidation process is to determine whether the Directors / Shareholders will be held personally liable for the debts of the company.

It said its tax agent had immediately sought for tax clearance and the liquidator would call for a proof of debt after tax clearance is obtained.

In September last year, the High Court granted an order to wind up the SPAC after its failure to make a qualifying acquisition (QA), which had to be completed by July 31 this year.

But when you take a distribution from your IRA, 401(k) or another retirement savings plan, you must generally include it as taxable income.

The withdrawal may also be subject to an additional penalty tax of 10 or even 25 percent.

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