Checklist for closing down an Oklahoma business with the IRS

When you are closing your Oklahoma business (corporation, limited liability company or other), the one party you want to be certain to square up with is the Internal Revenue Service. Fortunately, your friends at the IRS provide a checklist to guide you through the process of closing down your Oklahoma business.

The meat of the IRS Checklist is included below for your viewing convenience:

• Make final federal tax deposits
  • Electronic Federal Tax Paying System (EFTPS)
• File final quarterly or annual employment tax form.
  • Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return(PDF)
  • Form 941, Employer’s Quarterly Federal Tax Return (PDF)
  • Form 943, Employer’s Annual Tax Return for Agricultural Employees (PDF)
  • Form 943-A, Agricultural Employer’s Record of Federal Tax Liability (PDF)
• Issue final wage and withholding information to employees
  • Form W-2, Wage and Tax Statement (PDF)
• Report information from W-2s issued.
  • Form W-3, Transmittal of Income and Tax Statements (PDF)
• File final tip income and allocated tips information return.
  • Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips (PDF)
• Report capital gains or losses.
  • Form 1040, U.S. Individual Income Tax Return (PDF)
  • Form 1065, U.S. Partnership Return of Income (PDF)
  • Form 1120 (Schedule D), Capital Gains and Losses (PDF)
• Report partner’s/shareholder’s shares.
  • Form 1065 (Schedule K-1), Partner’s Share of Income, Credits, Deductions, etc. (PDF)
  • Form 1120S (Schedule K-1), Shareholder’s Share of Income, Credits, Deductions, etc. (PDF)
• File final employee pension/benefit plan.
  • Form 5500, Annual Return/Report of Employee Benefit Plan
• Issue payment information to sub-contractors.
  • Form 1099-MISC, Miscellaneous Income (PDF)
• Report information from 1099s issued.
  • Form 1096, Annual Summary and Transmittal of U.S. Information Returns(PDF)
• Report corporate dissolution or liquidation.
  • Form 966, Corporate Dissolution or Liquidation (PDF)
• Consider allowing S corporation election to terminate.
  • Form 1120S, Instructions (PDF)
• Report business asset sales.
  • Form 8594, Asset Acquisition Statement (PDF)
• Report the sale or exchange of property used in your trade or business.
  • Form 4797, Sales of Business Property (PDF)