It's an unfortunate reality that some businesses must permanently close their doors. If this happens to you, there are some tax-related steps you'll need to take. Here's a quick checklist of some things to do… First, if your business is no longer operating, you still need to file all final tax returns for your business by the due dates. If you had employees, you must file all required employment tax returns. These include Forms 940, 941, 943 and 944. Also, remember that all business and employment taxes should be paid when they are due. If you're not able to pay in full, you should contact the IRS right away and discuss your options. You can find more information about this topic at IRS.gov/closingabiz.
