Closing A Business, Federal Tax ID?

[hl0m4n]

so my friend has to close down his shop before he increases his loses due to economy . so he has moved out of his office place, changed all the address on bills, closed all phone/internet/etc, and the only thing left is his federal tax id #.

when we did a quick search on the net it says once a federal tax id is assigned it is permanent. my friend obviously doesn't want any future problems with the IRS and calling the IRS is epic fail on the waiting line for 30 min+ and still nothing.

he is not generating any income so can we just leave the number alone? does he have to report it to the IRS or government, etc that his business is now closed?

help much appreciated. thanks.

[solefald]

yeah, you can leave it alone. if he is not filing any tax returns under that tax id than its fine. tax id is essentially SSN for businesses.

[Explorer3253]

I closed my business a few years back...In NYS state, you file your final tax return and then file for a dissolution of business. After that, you are all done. My tax guy actually did everything for me.

[hl0m4n]

thanks for help guys. the business is registered with state of NJ though...it's ok to leave alone or do we gotta do the dissolution thing?

[Explorer3253]

Have him check with his accountant..His accountant should know