Closing your business can be a difficult and challenging task. The Taxpayer Advocate Service (TAS) partnered with IRS to expand its Closing a Business page to help business owners understand the specific actions needed, from a federal tax perspective, for each type of business.
However, before you make the decision to close, if it is due to financial reasons related to the coronavirus, please use TAS’s COVID-19 Business Tax Relief Tool to see if you qualify for new employer tax credits that may help you stay in business. Read more about the benefits of this tool before you try.
If ultimately you do need to close your business, whether you have a sole proprietorship, partnership or corporation, the information on this page will help you understand:
What forms you need to file;
How to report the income you receive; and,
How to claim the expenses you incur before closing your business.
Remember to also check your state responsibilities when closing a business.
Taxpayer Advocate Service Help
The Taxpayer Advocate Service (TAS) is uniquely positioned to assist all taxpayers (and their representatives), including individuals, businesses, and exempt organizations. If you qualify for our help, an advocate will be with you at every turn and do everything possible to assist through the process.
Currently, TAS is open to virtually serve taxpayers who find themselves in hardship situations or dealing with IRS tax problems they’ve been unable to resolve directly with the IRS. Visit our Contact Us page to learn more.
If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.