I closed my business last year

If you closed your business last year, here's some information to assist: 

• When closing a business, it is important to inform the IRS.
• The extent of the required paperwork will depend on whether the business was run as an individual or with a group of employees, and if the business had assets.
• If your business had no employees and you ran it as an individual, the process of informing the IRS is relatively simple, but if there were assets involved, separate information might need to be reported.
• If your business has employees, your additional responsibilities will include finishing up payroll responsibilities, issuing final W-2 forms, and filing a final Form 941.

Helpful Articles:

• Closing a Business - TurboTax Tax Tips & Videos
• Closing a Business IRS Articles

If you need further assistance with reporting your closed business in TurboTax, please let us know the nature of your business.

• This information will help us provide more specific guidance and additional resources tailored to your situation. 
• The "nature of your business" refers to the type of business you operated, such as a sole proprietorship, S corporation (S corp), C corporation (C corp), partnership, or LLC.