The IRS provides a very helpful checklist for dissolution (closing your business). For more information and links to helpful PDFs go here.
- Make final federal tax deposits;
- File final quarterly or annual employment tax form;
- Issue final wage and withholding information to employees;
- Report information from W-2s issued;
- File final tip income and allocated tips information return;
- Report capital gains or losses;
- Report partner’s/shareholder’s shares;
- File final employee pension/benefit plan;
- Issue payment information to sub-contractors;
- Report information from 1099s issued;
- Report corporate dissolution or liquidation;
- Consider allowing S corporation election to terminate;
- Report business asset sales;
- Report the sale or exchange of property used in your trade or business.