Some businesses fail or just close for many reasons including the impact of COVID-19 and the resulting labor shortages. Business owners who close their doors must fulfill certain federal tax responsibilities and inform the IRS of their plans. Among the steps to take are: filing a final tax return; paying final compensation to employees and filing related returns; paying taxes owed; reporting payments to contractors that exceed $600; canceling employer ID numbers; closing business accounts and maintaining records for the required number of years. Contact us with questions. We can help ensure that all the bases are covered and loose ends are tied up. Here’s more: https://bit.ly/3jefYWK