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Old 09-30-2015, 07:43 PM
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Old Business, Returns

Ok, so was a part of a business years ago that is no longer in business. tax returns were only filed a for a few years but none after that. It has been about 4 years since it closed. should I leave well enough alone or go back and file zero returns or just one FINAL return? thanks ahead of time!

Jay



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Old 10-01-2015, 12:52 AM
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Originally Posted by hpubet93 View Post
Ok, so was a part of a business years ago that is no longer in business. tax returns were only filed a for a few years but none after that. It has been about 4 years since it closed. should I leave well enough alone or go back and file zero returns or just one FINAL return? thanks ahead of time!

Jay
Ok, so was a part of a business years ago that is no longer in business. tax returns were only filed a for a few years but none after that. It has been about 4 years since it closed. should I leave well enough alone or go back and file zero returns or just one FINAL return?===> Your tax responsibilities will depend on your business structureif you own a corp or LLC also , in some states , then, you need to file a final tax return, just as the IRS requires a final tax return when an individual dies.

You usually need to file a final business tax return(s) to the IRS/ your state appropriate to your type of business and pay all outstanding taxes and fees.I assume that your biz is sole proprietorship, then, even I f your biz is no longer operating, you still need to file all required tax returns for your biz by the due dates. As a sole proprietor, you may deduct any loss, I mean NOL, your biz incurs by reporting your losses on your biz returns.



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