Saturday, January 10, 2009

Closing your Business

If you are closing your business and have an EIN number with the IRS, the process is more involved than just closing your business than just locking the doors.

This section provides procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses you may incur.

5 things may occur with the closing of your business:

Changing Your Business Structure
Closing a Business Checklist
Declaring Bankruptcy
Sale of a Business
Terminating a Retirement Plan

The most important thing about closing a business is informing the IRS that it is closed and that no more filing requirements are needed. Making sure this is done can help you stay out of hot water. If the IRS thinks you still need to file tax returns, Forms 1065, 1120, 1120s, or employment returns, 941, 940, they will continue to pursue you for that information.

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