One unfortunate fallout of the COVID-19 pandemic is that some businesses are closing permanently. If you’re considering a closure, be prepared to address several issues, along with your tax advisor. The IRS has redesigned its “Closing a Business” page “to help businesses comply with final tax responsibilities,” said Eric Hylton, Commissioner of the IRS Small Business/Self-Employed Division. The necessary steps to tie up loose ends include: filing a final tax return and related forms; making final federal tax deposits; reporting employment taxes; and paying taxes owed. For more details, visit this IRS page or contact us. © 2020
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