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IRS News - Closing a Partnership https://www.irs.gov/newsroom/closing-a-partnership https://accountinginstruction.info/ A partnership is a relationship between two or more partners to do a trade or business. Each person contributes money, property, labor or skill and shares in the profits and losses of the business. Partners who want to close their partnership must take certain actions whether they've been in business a few months or many years. They must file final forms and schedules. Here's information on typical final forms and schedules that a partnership needs to file when ceasing operations. Return of partnership income A partnership must file Form 1065, U.S. Return of Partnership Income, for the year it ceases operations. It reports capital gains and losses on Schedule D (Form 1065). For the tax year in which the partnership ceases to exist, filers need to check the "final return" box, which is near the top of the front page of the return below the entity information. They should do the same on Schedule K-1, Partner's Share of Income, Deductions, Credits, etc. Also, partnerships may need to file these forms with their final Form 1065: Form 4797, Sales of Business Property, if they sell or exchange property used in their business. They also need to file this form if business use of certain Section 179 or listed property drops to 50% or less. Form 8594, Asset Acquisition Statement, if they sell their business. Employment taxes Partnerships with one or more employees must make final federal tax deposits. If partnerships don't withhold or deposit income, Social Security and Medicare taxes, the Trust Fund Recovery Penalty may apply. The penalty is the full amount of the unpaid trust fund tax. The IRS may impose it on all persons who the Service determines is responsible for collecting, accounting for and paying these taxes and who acted willfully in not doing so. A responsible person can be a partner in a limited partnership or limited liability company, employee of a partnership, an accountant or someone who signs checks for the partnership or has authority to cause the spending of business funds. General partners are fully liable for unpaid employment taxes, not just the trust fund amounts. Partnerships need to file Form 941, Employer's Quarterly Federal Tax Return (or Form 944, Employer's Annual Federal Tax Return), for the calendar quarter in which they make final wage payments. They check the box and enter the date final wages were paid on line 17 of Form 941 or line 14 of Form 944. They must attach a statement to their return showing the name of the person keeping the payroll records and the address where those records will be kept. Partnerships must file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, for the cale ... https://www.youtube.com/watch?v=9DqrX8vFwiA