If you’ve made the decision to close your GTC account, there are a few things you need do to make sure the process goes smoothly and successfully. In this article, we’ll walk you through the procedures you must follow in order to shut your GTC account and address some frequently asked issues about terminating a business.
Step 1: Submit your last tax return You must submit your final tax return before closing your GTC account. The time period covered by this return should extend from the start of the tax year to the day you discontinued conducting business. You won’t be allowed to delete your account if you don’t submit your final tax return.
Step 2: Resolve any unpaid taxes Before terminating your GTC account, please sure to settle all outstanding taxes. Penalties and interest costs for unpaid taxes may apply, and they can quickly mount up.
Step 3: Send the relevant form in
You must submit the necessary form to the Georgia Department of Revenue in order to close your GTC account. Depending on the type of business you operate, you must file a certain form. For instance, you must submit Form ST-5 if you are a solo proprietor. You have to submit Form ST-5C if your business is a partnership or LLC.
What happens next if I don’t use my LLC?
You must still submit annual reports and pay the annual fee even if you don’t use your LLC. In the event that you don’t, the state may dissolve your LLC. Additionally, the liability shield provided by your LLC won’t protect you if you don’t use it.
Can I close my business and open a new one in this regard?
Yes, you can close your business and open a new one. The right procedures must be followed, such as completing your final tax return and paying any unpaid taxes, in order to close your previous firm. In addition, you must register your new firm with the right authorities if you are just starting it.
Can an EIN number be cancelled?
If your firm is closing and you have an EIN number, you can cancel it by sending a letter to the IRS. Your business name, your EIN number, and the explanation for revoking your EIN should all be mentioned in the letter.
Moreover, if I close my business, do I still owe corporate tax? You must still submit your final corporate tax return and settle any unpaid taxes even if your business is closed. Penalties and interest charges may be assessed for failure to comply. However, you might not be required to submit a final tax return if your company has no assets or income.