Dissolution Services

Sometimes things don’t work out. A decision to wind up business has decided. It’s a sad and emotional time for the business and its stakeholders. However, just because business winds up operationally, it doesn’t stop formalities for reporting. Gary Mehta, CPA, EA assists clients through this dissolution process and helps them wind up their activities on the books and their compliance filings. 

Business wind up can be a complicated process for many small businesses. We guide our clients during this closure process and help plan for transactions in a tax-efficient manner. Our clients frequently ask us about the duties of officers and shareholders during this process and what are key factors that determine whether a business should be sold or is it time to shut the doors. We also work with our clients to see if any assets are salvageable or if they can be sold to recoup some losses. Some prevalent issues that we focus on are the transference of assets, tax minimization on built-in capital gain assets, deductibility of capital loss, the closing of the books, and final reporting duties.

Once important questions have been answered and associated decisions actioned, it’s time to prepare and file the final return. We understand that the final filing is more complicated than the balance of the years because not only we have to disclose the operational aspects, but also the disposal of assets. When we prepare these returns, we accurately and tax-efficiently report transactions associated with business closure so shareholders can deduct losses. Moreover, if capital gains have occurred, those taxes are offset by any capital loss or prior year NOL offsets. Also, final reports filed for any payroll and sales tax filings. This process makes sure that at the end of the year, your employees and stakeholders receive correct and appropriate  forms. 

Since dissolving a business is subject to state and federal rules. Gary Mehta CPA, EA, can assist in the dissolution process from anywhere. Whether we are in our main office in Jersey City or a satellite office in East Brunswick, We can close your business. 

It’s time to put this business behind us and on to the next venture. Have an experienced certified public accountant guide you through this transition.