Finalize your fiscal responsibilities, so you can pave the way for new beginnings.

Cleer Tax helps companies close their businesses cleanly, and reduce any lingering issues or debts.
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Closing a company is hard and usually comes at the end of an entrepreneurial struggle that many find draining financially, emotionally and physically.

To prevent additional hassles later, the best thing you can do now is close the business properly. This way you can avoid unnecessary tax liabilities, reduce personal liability and discharge your debts.

No one wants to be bogged down in the past when the next opportunity comes along. Let the experts at Cleer Tax help with your corporate dissolution so you can move on to bigger and better things. 

Corporate Dissolution Tax Package

Company's Revenue & Expenses$0 to $5k$5k - $250k$250k - $1m$1m +
Federal Tax Return Includes all forms in our Corporation or LLCs package
Extension Filing
State Tax Filing1111
Form 966
EIN Cancellation
Form 982
Package Price:$849$1,249$1,749

Beyond what's included in your Corporate Dissolution Tax Return package, certain businesses might require the submission of extra forms, depending on their unique circumstances.

  • Delaware Franchise Tax Preparation – For C corps registered in Delaware this filing is required annually and due March 1st
  • FinCen Beneficial Ownership Report or BE-12 – This is a new government requirement that starts in 2024. It requires the owners of individuals with substantial control over a company be reported to the Financial Crime Enforcement Center. Existing companies have until the end of 2024, but companies registered in 2024 have 30 days to file.
  • Form 5471 (for foreign subsidiaries) – Form 5471 is used by U.S. Persons (including business entities) who are shareholders in certain foreign corporations to report their holdings and transactions.

Still have questions?

So we include all the forms in our normal C-corp or LLC tax packages, plus the forms you need specifically to close out your company the right way. These include:

  • Form 966 – Required to be filed by a C corporation when it undergoes a dissolution or liquidation.
  • EIN Cancellation Letter and the mailing fee to submit it
  • Form 982 – for the discharge of indebtedness
  • A Federal tax extension – often you will need to wait for the State to close out the company

Your final tax return is due 3.5 months after the month your company is legally dissolved with the State in which you incorporated. Corporations will also need to file form 966 within 30 days of dissolving the company and a letter must also be sent to the IRS relinquishing the EIN number.

If you don’t close out your company properly then you can face several issues including:

  • Continuous Tax Obligations – If your business is not closed the IRS and State agencies will expect continued tax returns. Failure to file can lead to failure to file penalties or even penalties for not filing form 5472 or form 5471 (both of which have large automatic fines)
  • Legal Liabilities – As long as the business entity exists it could be subject to legal action, as can the owners and the board.
  • Credit Issues – Ongoing financial obligations or penalties can impact the business’s credit rating and potentially the owners and directors depending on the business structure
  • Dissolved Assets – If assets are not properly transferred before the dissolution this can lead to legal and tax complications.
  • Discharge of Debt – if you don’t file form 982 you could miss out on tax benefits or relief related to the discharge of debt

Start your financial journey on the right foot

Get $50 discount off your tax package.