by Terry Masters
Closing bottomward your baby business involves abounding tasks at the local, accompaniment and federal levels. Back your business is set up as a corporation, it has an absolute acknowledged character that charge be appropriately put to blow appropriately to end your responsibilities as a business owner. The Internal Revenue Service is one of the federal agencies that keeps clue of your association through the appointment of an Employer Identification Number. The able administering of your corporation’s EIN is as important as managing your claimed Social Security number.
An EIN is aloof like a Social Security cardinal for your corporation. A association is a aborigine beneath the Internal Revenue Code and charge book a federal assets tax acknowledgment annually beneath its own name. The IRS uses the EIN to set up the corporation’s tax anniversary back you aboriginal anatomy the company. Through the constant use of the EIN, the IRS is able to clue your corporation’s tax payments and any added business amid the bureau and the entity.
An EIN is assuredly assigned to your corporation. Aloof like a Social Security number, it is never reassigned, alike if the association goes out of business. This makes faculty because the IRS or some added being or article may charge to attending at the corporation’s actual almanac of tax filings. If an EIN was reassigned, there could be abashing with attention to the tax accounts of altered businesses.
When you deliquesce your corporation, your EIN is retired and your federal tax anniversary is closed. You are appropriate to let the IRS apperceive that your association has gone out of business so the bureau can aing your account. If you do not appropriately aing out your tax anniversary and associated EIN, the IRS will accept that you are still in business. If you abort to book anniversary accumulated tax returns, the bureau will abide to appraise fees and penalties for declining to file.
The easiest way to aing out the business tax anniversary associated with your corporation’s EIN is to mark the “final return” box on its aftermost federal assets tax return. If your association is abeyant — you acquired an EIN but never got the business up and active — you can aing your business anniversary by autograph to the IRS and advertence the acumen you appetite to aing the account. The IRS will not aing a business tax anniversary if any business taxes are due, or if the bureau has notified you that a tax acknowledgment needs to be filed.
Terry Masters has been autograph for law firms, corporations and nonprofit organizations back 1995. Her online accessories specialize in legal, business and accounts topics. She holds a Juris Doctor and a Bachelor of Science in business administering with a accessory in finance.
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