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Many Seattle business decisions have significant tax implications. The structure and accounting methods you choose can affect how much tax you pay. When you close a Seattle business, you have certain obligations.
If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. You must file an annual return for the year you go out of business. The annual tax return for a partnership, corporation, S corporation, limited liability company, or trust includes check boxes near the top front page just below the entity information. For the tax year in which your business ceases to exist, check the box that indicates this tax return is a final return. If there are Schedule K-1s, repeat the same procedure on the Schedule K-1.

Business Closing Checklist

• Make final federal tax deposits. 
• File final quarterly or annual employment tax form. 
• Issue final wage and withholding information to employees. 
• Report information from W-2s issued. 
• File a final tip income and allocated tips information return. 
• Report capital gains or losses. 
• Report partner's/shareholder's shares. 
• File final employee pension/benefit plan. 
• Issue payment information to sub-contractors. 
• Report information from 1099s issued. 
• Report corporate dissolution or liquidation. 
• Consider allowing S corporation election to terminate. 
• Report business asset sales. 
• Report the sale or exchange of property used in your trade or business.