Business started but no income ever recieved
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brian2011
Level 1

Business started but no income ever recieved

My wife and I started a business but never actually got to start the business due to COVID having our state shut down and I need to know how I can let the IRS know that this business is not going to be moving forward and that it will probably be disolved.

2 Replies
pattif12
Employee Tax Expert

Business started but no income ever recieved

How you will handle this in your tax returns depends on whether you filed a return for the business in 2019 or if 2020 was to have been the first year in operation.

 

Here is a link about how to close a business in TurboTax that takes into consideration both instances.

 

Here is information about contacting the IRS in regards to your EIN number for the business:

 

 

 

 

 

brian2011
Level 1

Business started but no income ever recieved

@pattif12 Thank you for the response!

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