topic Business started but no income ever recieved in Business & farm

Business started but no income ever recieved

brian2011 — Tue, 30 Mar 2021 16:18:49 GMT

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.

Re: Business started but no income ever recieved

PattiF — Tue, 30 Mar 2021 16:52:36 GMT

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:

Re: Business started but no income ever recieved

brian2011 — Wed, 31 Mar 2021 14:42:28 GMT

@PattiF Thank you for the response!