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Closing a Business | Allstatetaxes.com

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Closing a Business Checklist


There are typical actions that are taken when closing a business. You must:

  • File an annual return for the year you go out of business
  • If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes
  • Also, attach a statement to your return showing the name of the person keeping the payroll records and the address where those records will be kept
  • You will also need to file returns to report disposing of business property, reporting the exchange of like-kind property, and/or changing the form of your business.

Checklist for closing a Business

  • Make final federal tax deposits
  • File final quarterly or annual employment tax form
  • Issue final wage and withholding information to employees on Form W-2
  • Report information from W-2s issued, on Form W-3
  • File final tip income and allocated tips information return (if applicable)
  • Report any capital gains or losses
  • Report partner’s/shareholder’s shares
  • File final employee pension/benefit plan (if applicable)
  • Issue payment information to sub-contractors, on Form 1099
  • Report information from 1099s issued
  • Report corporate dissolution or liquidation
  • Consider allowing S corporation election to terminate
  • Report business asset sales
  • Report the sale or exchange of property used in your trade or business.

Forms

W-2
W-3
1099 MISC

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