Closing a Struggling Business?

Hopefully not !!

Are you thinking of shuttering your struggling business? Don’t forget taxes. The IRS is aware of the many small-business closures during the coronavirus pandemic and has redesigned its “Closing a Business” page on its website to help.

The agency has information and procedures for sole proprietorships, partnerships and corporations. Among the to-dos:
– File a final return
– Pay taxes
– Check the rules for terminating a retirement plan
– Cancel your employer identification number and your IRS business account
– Keep your business, tax and payroll records

The Kiplinger Tax Letter
October 2020