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IRS advises business owners to follow these steps when closing a business

[1]There are many reasons a business owner may choose to close their doors, and there are many things that must be done to officially “go out of business”. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans. The closing a business [2] page of IRS.gov is designed to help owners navigate the process of shutting down.

Small businesses and self-employed taxpayers will find a variety of information on the page including:

The page also details steps all business owners should take when closing a business.

The page also provides helpful information for business owners declaring bankruptcy, selling their business and terminating retirement plans.  If you need assistance planning your business wind down, consult a ShindelRock tax professional [3].