{"id":27017,"date":"2022-08-28T00:55:13","date_gmt":"2022-08-28T00:55:13","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/are-you-closing-your-business-make-sure-you-resolve-all-tax-matters\/"},"modified":"2022-08-28T00:55:13","modified_gmt":"2022-08-28T00:55:13","slug":"are-you-closing-your-business-make-sure-you-resolve-all-tax-matters","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/are-you-closing-your-business-make-sure-you-resolve-all-tax-matters\/","title":{"rendered":"Are You Closing Your Business? Make Sure You Resolve All Tax Matters!\u202f"},"content":{"rendered":"<div><img decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/08\/pexels-miguel-montejano-1152831-scaled-e1661182355691-768x512-1.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" loading=\"lazy\" srcset=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/08\/pexels-miguel-montejano-1152831-scaled-e1661182355691-768x512-1.jpg 768w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/08\/pexels-miguel-montejano-1152831-scaled-e1661182355691-300x200.jpg 300w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/08\/pexels-miguel-montejano-1152831-scaled-e1661182355691.jpg 800w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\"><\/p>\n<p><span data-contrast=\"none\">Making the decision to close a business for good is never an easy thing to do.\u00a0 Unfortunately, the economic fallout from the COVID-19 pandemic has forced many business owners to shut their doors permanently. If this wasn\u2019t a hard enough decision to weigh, the tax considerations can be an additional challenge.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"none\">Our team at <a href=\"https:\/\/watershardy.com\/about\/\" target=\"_blank\" rel=\"noopener\">Waters Hardy<\/a> is here to assist you in navigating the various tax obligations that must be met before saying goodbye. <strong>We provide complete business accounting services, including ensuring tax compliance related to business closures.<\/strong> Suppose you decide to close your company permanently. In that case, our experts in accounting services for small business tax matters can provide a comprehensive and reliable plan that you can feel confident about.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"none\">Tax Obligations Before Closing Your Business<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">From a federal tax perspective, the <strong>IRS has outlined the requirements for business owners deciding to close once and for all<\/strong>. Basically, the IRS wants to be in the loop with all tax dealings related to business closures. Additionally, you will want to check your state\u2019s required business responsibilities, as these may differ from federal tax regulations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Here is a basic outline of items to consider before closing your doors.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">1. <\/span><\/b><b><span data-contrast=\"auto\">File a Final Tax Return and Related Forms<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><span data-contrast=\"auto\">Your business type will determine the type of return, and related forms, that you will file.\u00a0<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Sole Proprietor (Schedule C): <\/span><\/b><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">omeone who owns an unincorporated business by themselves.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">This is simple if you have no employees and are closing your business.\u00a0 You could essentially stop operations from one to another and not have to worry about any additional tax implications.\u00a0<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">If you sell the business to someone else, you\u2019ll include the transaction on your income tax return.\u00a0<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">You may also need to report self-employment tax on Form 1040 Schedule SE if you have net earnings of $400 or more.<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Partnership (<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1065\" target=\"_blank\" rel=\"noopener\">Form 1065<\/a>): <\/span><\/b><span data-contrast=\"auto\">t<\/span><span data-contrast=\"auto\">wo or more people who put their resources together to form a business.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">Report capital gains and losses on Schedule D.<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Corporation: <\/span><\/b><span data-contrast=\"auto\">a<\/span><span data-contrast=\"auto\"> business structure that operates as a separate tax-paying entity that is owned by its shareholders and managed by a board of directors.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"2\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":2160,\"335559991\":360,\"469769226\":\"Courier New\",\"469769242\":[9675],\"469777803\":\"left\",\"469777804\":\"o\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><b><span data-contrast=\"auto\">C Corporations (<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1120\" target=\"_blank\" rel=\"noopener\">Form 1120<\/a>)\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Report capital gains and losses on Schedule D.<\/span><span data-ccp-props='{\"335559685\":2160}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"2\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":2160,\"335559991\":360,\"469769226\":\"Courier New\",\"469769242\":[9675],\"469777803\":\"left\",\"469777804\":\"o\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><b><span data-contrast=\"auto\">S Corporations (<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1120-s\" target=\"_blank\" rel=\"noopener\">Form 1120-S<\/a>)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Review and report capital gains and losses on Schedule D.<\/span><span data-ccp-props='{\"335559685\":1440,\"335559731\":720}'>\u00a0<\/span><\/p>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">If the closing is because of a board resolution or other plan to liquidate its stock, you need to file <\/span><b><span data-contrast=\"auto\">Form 966.<\/span><\/b><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<h3><span data-ccp-props='{\"335559685\":2160}'>\u00a0<\/span><b><span data-contrast=\"auto\">Payroll Records<\/span><\/b><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><span data-contrast=\"auto\">The IRS requires all employers going out of business, regardless of the size of their payroll, to attach a statement to the final employment tax return indicating the name of the person who has the payroll records, and the address of where those records are being held.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">2. Make Required Payments to Your Employees<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><b><span data-contrast=\"auto\">Employment Taxes<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">Whether you have one or one hundred employees, you are required to pay them any final wages and compensation owed. You <em>must<\/em> also make final federal tax deposits and report employment taxes. Failure to comply with this may lead to the IRS applying the Trust Fund Recovery Penalty.<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><b><span data-contrast=\"auto\">Benefits or Pension Plans<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">If your business has a retirement plan for employees, you\u2019ll need to terminate the plans after distributing the benefits to participants. There is specific notice, funding, timing, and filing requirements that must be met before terminating a plan, so be sure to verify your responsibilities.<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":2340,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"3\"><b><span data-contrast=\"auto\">SEP (Simplified Employee Pension)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":2340}'>\u00a0<\/span><span data-contrast=\"auto\">This plan can be shut down at any time rather easily. Notify the participants of the change and let the managing financial institution know you won\u2019t be making any more contributions.<\/span><span data-ccp-props='{\"335559685\":2340}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":2340,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"3\"><b><span data-contrast=\"auto\">SIMPLE (Savings Incentive Match Plan)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":2340}'>\u00a0<\/span><span data-contrast=\"auto\">This plan is a little more involved because it\u2019s operated on a calendar year basis and can\u2019t be terminated. Also, you must continue to fund the plan until the end of the year when your business shuts down.\u00a0<\/span><span data-ccp-props='{\"335559685\":2340}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">3. Pay Any Past Due Taxes<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">You don\u2019t quite get to throw your hands up and walk away. <strong>Any taxes owed can be due even <em>after<\/em> closing down your business.\u00a0<\/strong><\/span><strong>\u00a0<\/strong><\/p>\n<h3><b><span data-contrast=\"auto\">4. Report Payments to Contract Workers<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><span data-contrast=\"auto\">You must report contractor payments totaling more than $600 if they were paid during the calendar year you close your business. This includes payments for services, parts, and materials paid during the calendar year you go out of business.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">5. Cancel Your EIN and Close Your IRS Business Account<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><span data-contrast=\"auto\">You must formally cancel your IRS business account and your EIN (Employee Identification Number). The IRS outlines specific requirements for this, too. All necessary returns must be filed, and all taxes owed must be paid before the IRS closes your accounts.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">6. Keep Business Records<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">It\u2019s important to retain tax-related records after you close your business in case of an audit.\u00a0<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><b><span data-contrast=\"auto\">Property<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Keep property records until the period of limitations expires for the year in which you release your property. During this period, you can amend your federal tax return to claim a credit or refund or the IRS can assess additional tax.<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props='{\"335552541\":1,\"335559684\":-2,\"335559685\":1440,\"335559991\":360,\"469769226\":\"Symbol\",\"469769242\":[8226],\"469777803\":\"left\",\"469777804\":\"\uf0b7\",\"469777815\":\"hybridMultilevel\"}' aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><b><span data-contrast=\"auto\">Employment Tax Records<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><span data-contrast=\"auto\">Keep employment tax records for at least four years.\u00a0<\/span><span data-ccp-props='{\"335559685\":1440}'>\u00a0<\/span><\/p>\n<h2><span data-ccp-props=\"{}\">\u00a0<\/span><b><span data-contrast=\"auto\">Trust Your Closing Business Taxes to Waters Hardy<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Keep in mind that the tax requirements and consequences outlined above are federal tax implications. Every state may have its own tax requirements for closing businesses. It is your responsibility to plan and comply with all tax procedures before shutting down. <strong>Failing to manage your business\u2019s tax obligations properly can result in <em>fines<\/em> and <em>penalties<\/em>.<\/strong><\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">If you find yourself in this situation and you\u2019re looking for a lifeline when it comes to taxes, look no further. <strong>Waters Hardy specializes in tax planning and compliance for all your business needs.<\/strong> Our team is experienced in all business accounting services, including the tax implications of business closures. We are here to ensure you make the best of an already challenging business situation.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\"><a href=\"https:\/\/watershardy.com\/contact-us\/\" target=\"_blank\" rel=\"noopener\">Contact us<\/a> today.\u00a0<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/closing-your-business-take-care-of-business-accounting-services\/\">Are You Closing Your Business? Make Sure You Resolve All Tax Matters!\u202f<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/\">Waters Hardy and Co. P.C.<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Making the decision to close a business for good is never an easy thing to do.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27017","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are You Closing Your Business? 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