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.