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In this video, the presenter explains IRS Form 966, which is used for corporate dissolutions or liquidations. This form is necessary for U.S. corporations or LLCs taxed as C-corps that decide to close down. It must be filed within 30 days after adopting a resolution to shut down the entity. The tutorial covers the form's structure, emphasizing that the top section includes the corporation’s name, mailing address, Employer Identification Number (EIN), and specifies the type of return being filed, typically a standard C-corporation return (Form 1120). The aim is to guide users in accurately completing and submitting Form 966.