Thinking of closing your business? Avoid these last-minute tax surprises

  • Date: 30-Sep-2020
  • Source: CNBC
  • Sector:Economy
  • Country:GCC
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Thinking of closing your business? Avoid these last-minute tax surprises

Francesco Carta fotografo | Moment | Getty ImagesFor small-business owners facing pressure amid coronavirus, even going broke will cost them money.Some 610 businesses in the New York City region filed for bankruptcy from March 16 to Sept. 27, an increase of 40% from the year-ago period, according to Bloomberg.But there's more to closing your business than just cleaning out your storefront and shutting the doors for good."Some people say, 'Well, I'm going to stop doing business and that's it,'" said Sheneya Wilson, CPA and founder of Fola Financial in New York. "They walk away without taking any formal steps.""But you can't just stop operating," she said. "That entity is still in existence with the state and if you don't comply, you'll get penalized."The steps you'll need to take going forward