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Re:closing out the accounts (1 viewing) (1) Guest
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TOPIC: Re:closing out the accounts
#6981
Henkel (User)
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closing out the accounts 7 Years, 9 Months ago Karma: 0  
Assume the state of Illinois applies. If a company shuts down, other than filing a tax return stating that its a final tax return, what needs to be done to close out the company with the state and federal gov?
 
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Tim46 (User)
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Re:closing out the accounts 7 Years, 9 Months ago Karma: 4  
I would:

1. Close out the payroll by filing final payroll reports with federal and state agencies.
2. Make sure the board of directors passess a resolution that is within the permits of the articles or organization and the company bylaws
3. Obtain errors and omissions insurance for the board of director members
4. File notice of discontinuance with the state department of treasury
5. File a final tax return
6. Consult with your attorney and cpa to possibly publish notice of discontinuance if there are legal claims outstanding or if there are creditor issues.
 
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#7002
Henkel (User)
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Re:closing out the accounts 7 Years, 9 Months ago Karma: 0  
Thats great. I dont think there was any payroll in this matter. I think that the owners were the only employees but they were not taking payroll as i checked with them and they were taxed on the net earnings, so they paid the payroll taxes individually.

Thank you for the checklist. I appreciate it.
 
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