Dissolution

Dissolution

The IRS provides a very helpful checklist for dissolution (closing your business). For more information and links to helpful PDFs go here.

Checklist

  • 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.