Tax Tip #230

The decision has been made that it is time to dissolve a business. What needs to be done? Have your CPA file a final year tax return and then move on to something else, right? Wrong. 

While a final year tax return is generally required, there are several critical steps that need to be taken to ensure tax and legal compliance. Legally dissolving the business with the state of formation is extremely important to eliminate liability issues. 

There are several other considerations as well. Some potential issues include what actions are needed for the employer retirement plan and if there are bulk sale laws to comply with, just to name a few. 

Goldstein & Loggia has extensive knowledge in dissolving businesses so reach out to a member who can answer your questions and assist with the compliance issues.