business closed December 2022

Forum|Forum|3 years ago
April 1, 2023
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We closed our business in December of 2022, but we had a few transactions the first part of January. Can we file final return for 2022 or will we need to wait until 2023.

Not A Product Question

DMarkM1

In almost all cases you will still file the business in 2023. First it depends on the business entity. There is no "Final return" box on a schedule C for a sole proprietorship. However, you would still need to report any business income received in 2023 and would therefore probably want to include any deductions. Additionally see the link below to close your business account if you have an EIN.

If the entity is a partnership or S-Corp then there is a filing requirement in any year there is any transactions (income or expenses).

Ultimately you will need to let the IRS know your business is officially closed and all taxes are paid.

Here are the business closing steps according to the IRS.

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