| IF you are liable for: |
THEN you may need to: |
| Income tax |
- File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business.
- File Form 4797 with your Form 1040 for each year in which you sell or exchange
property used in your business or in which the business use of certain section 179 or
listed property drops to 50% or less.
- File Form 8594 with your Form 1040 if you sold your business.
|
| Self-employment tax |
- File Schedule SE with your Form 1040 for the year in which you go out of business.
|
| Employment taxes |
- File Form 941 for the calendar quarter in which you make final wage payments.
Note. Do not forget to check the box and enter the date final wages were paid on line 16.
- File Form 940 or 940-EZ for the calendar year in which final wages were paid.
Note. Do not forget to check the box, If you will not have to file returns in the
future..., under Question D.
|
| Information returns |
- Provide Forms W-2 to your employees for the calendar year in which you make
final wage payments. Note. These forms are generally due by the due date of your final Form 941.
- File Form W-3 to file Forms W-2. Note. These forms are generally due within
1 month after the due date of your final Form 941.
- Provide Forms 1099-MISC to each person to whom you have paid at least $600
for services (including parts and materials) during the calendar year in which
you go out of business.
- File Form 1096 to file Forms 1099-MISC.
|
Note. The checklist highlights the typical final
forms and schedules you may need to file if you ever go out of business. For more
information, see the instructions for the listed forms.
Information courtesy of the Internal Revenue Service.
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