{"id":26448,"date":"2022-09-26T08:00:31","date_gmt":"2022-09-26T13:00:31","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=26448"},"modified":"2022-11-03T10:55:36","modified_gmt":"2022-11-03T15:55:36","slug":"tax-concerns-for-clients-who-close-their-businesses","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/tax-concerns-for-clients-who-close-their-businesses\/","title":{"rendered":"Tax concerns for clients who close their businesses"},"content":{"rendered":"<p>Whether it&#8217;s a fallout from the <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/covid-19\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">pandemic<\/a> or for other reasons, it&#8217;s never easy when clients have to close their businesses. As your clients&#8217; trusted advisor, you can <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/advisory-services\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">advise<\/a> them with respect to tax obligations.<\/p>\n<p>Business owners must take these steps when closing a business:<\/p>\n<ul>\n<li><b><\/b><b>File a final tax return and related forms.&nbsp;<\/b>The type of return to file and related forms depends on the type of business.<\/li>\n<li><b><\/b><b>Take care of employees.&nbsp;<\/b>Business owners with one or more employees must pay any final wages or compensation, make final federal tax deposits, and report employment taxes.<\/li>\n<li><b><\/b><b>Pay taxes owed.&nbsp;<\/b>Even if the business closes now, tax payments may be due next filing season.<\/li>\n<li><b><\/b><b>Report payments to contract workers.&nbsp;<\/b>Businesses that pay contractors at least $600 for services, including parts and materials during the calendar year in which they go out of business, must report those payments.<\/li>\n<li><b><\/b><b>Cancel their employer&nbsp;identification number (EIN) and close their IRS business account.&nbsp;<\/b>Business owners should notify the IRS so they can close the IRS business account.<\/li>\n<li><b><\/b><b>Keep business records.&nbsp;<\/b>How long a business needs to keep records depends on what&#8217;s recorded in each document.<\/li>\n<\/ul>\n<p>IRS.gov has information to help guide business owners through the <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/closing-a-business\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">process of shutting down<\/a>. Small businesses and self-employed taxpayers can find information including:<\/p>\n<ul>\n<li>What forms to file.<\/li>\n<li>How to report revenue received in the final year of business.<\/li>\n<li>How to report expenses incurred before closure.<\/li>\n<\/ul>\n<p>Business owners can also get helpful information on <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/client-relationships\/advising-clients-on-when-its-time-to-file-bankruptcy\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">declaring bankruptcy<\/a>, selling their business, and terminating <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/client-relationships\/how-to-talk-to-your-clients-about-retirement\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">retirement plans<\/a>.<\/p>\n<p>Interesting in more information on tax advisory services? Check out the Intuit\u00ae Tax Pro Center&#8217;s library of <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tag\/tax-advisory\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">tax advisory<\/a> articles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s never easy when clients have to close their businesses; as your clients&#8217; trusted advisor, you can advise them with respect to tax obligations.<\/p>\n","protected":false},"author":104275893,"featured_media":26972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[509474089],"tags":[7649,646041848],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-26448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-irs","tag-tax-advisory"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax Steps When Closing a Business<\/title>\n<meta name=\"description\" content=\"When clients close a business, they must file final returns, pay outstanding taxes, cancel their EIN, and issue final 1099s to contractors. 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