January 18th, 2021 Brad Hennebert
Small businesses owners continue to face challenges from the pandemic’s effects. Closing a business is an extremely difficult decision, especially with all the daunting hurdles and paperwork involved to do it properly. Ignoring it all, or simply walking away, can and will cause more tax headaches in the long run. Fortunately and unfortunately, Tax Defense Ohio can help with all of that. When you’re done reading, we invite you to contact us to set up an appointment.
The IRS redesigned the closing a business page on IRS.gov to help businesses comply with final tax responsibilities. This includes the forms to file and how to report revenue received in the final year of business and expenses incurred before closure.
Check out IRS.gov/closingbiz to find all the information you need, or work with us and we can help do this. Also, you cannot forget about your State and Local government authorities, as many of these actions must also occur to close a business.