Streamlined IRS Page Helps People Closing a Business

The IRS has launched a redesigned page at www.IRS.gov/closingabiz to help business owners navigate the federal steps when closing a business. During this difficult and challenging time, the IRS streamlined the “Closing a Business” page into simple steps, so business owners and self-employed individuals can quickly find the information they need to (1) close a business from a federal tax perspective regardless of business type and (2) help take care of employees. Information includes what forms to file and how to report revenue received in the final year of business and expenses incurred before closure. The page also has information for business owners who are declaring bankruptcy, selling their business, and terminating retirement plans. Individual fact sheets are available to provide more information on closing sole proprietorships (Publication 5447), partnerships (Publication 5447-A), and corporations (Publication 5447-B). 

 

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CONTACTING CAROPRESE & COMPANY

This publication is provided by Caroprese & Company as a service to its clients and colleagues.  The information and content included in this publication should not be construed as technical advice.  Questions regarding any matters discussed in this publication should be directed to Brandon Caroprese whose contact information is listed below:

Brandon Caroprese, CPA, MST
Tel. (973)-475-8090
Email. bcaroprese@caroprese.co

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