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Steps to Close a Business

By February 1, 2022January 31st, 2024Uncategorized

These apply to the IRS and each state you operate or registered in.

  1. File a final return and any other related forms
  2. Handle employee taxes, forms, retirement accounts, and documents
  3. Pay any taxes you may owe
  4. Cancel your EIN and close your business accounts with your state and IRS
  5. Keep records for a minimum of 4 years

Lastly, we would recommend speaking with a local attorney/lawyer to ensure legally everything has been completed properly.

As always our tax plan for business owners or investors bundles this knowledge and MUCH more into account to create your individualized tax plan to be used for YEARS. Feel free to text, email, or call us to see how a tax plan could benefit you.