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Closing a business involves a number of tax responsibilities
August 22, 2024
Categories: C Corp, Corporate Tax, Form 1065, Form 1120-S, Form 966, Partnership, Schedule C, Scorp, Sole proprietorship
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax return and some other related forms for the year it closes its doors. The type of return that must be filed depends on the type of business you have. For example: Sole Proprietors will