What do I need to do about a small business that I created but never earned any income with?
I spent this past year looking for a new job. As a part of that effort, I took the exams in Texas to sell general lines property and casualty insurance. I passed the exams, created a business (Mountain and Valley Insurance), asked the IRS to establish and EIN for it, and created a separate bank account (with a different bank) for it to keep any money segregated from my private account. After doing a little more research, I decided not to sell insurance and never earned any income from the business. I closed down the business in Texas, asked the IRS to close out the EIN number they had issued for more business a couple of months earlier, and returned my insurance license to the state of Texas.
What tax liabilities do I have for the business? What forms do I need to file? What do I need to do? I am currently living in the state of Washington where I found a job.
Please help!
Thank you!
Michael DeLor
