If the business holds a Sales and Use Tax Permit, and will no longer be making sales, you must follow these steps to cancel the Sales and Use Tax Permit: File a final sales and use tax return (Form OS-114). Complete all parts of the return, including the bottom of the front page of the return that asks for the last date of business and sign the return. Write the word "FINAL" prominently across the top of the return (OS-114) Fill out the back of the Sales and Use Tax Permit (blue card) with your last date of business, and enclose it with the final return Mail your final return and permit card to the address on the form. After you dissolve or withdraw with the Secretary of the State, DRS will be notified and your corporation business tax account will be closed automatically. Remember, you are required to file a final Form CT-1120, Connecticut Corporation Business Tax Return. The corporation business tax applies to any year or part of a year when the corporation was in existence.
Department of Revenue Services An employer must also file Form CT-W3, Connecticut Annual Reconciliation of Withholding, issue Forms W-2 to all employees showing their wages and withholding, and submit copies of all Forms W-2 to the Department of Revenue Services. If the business had employees, you must also cancel its registration with the Connecticut Department of Labor.
Closing Business Entity Tax (if you do not have Internet access to use the TSC) You may not close the business entity tax account until you dissolve (if a domestic S corporation, limited liability company, limited liability partnership or limited partnership) or withdraw (if a foreign S corporation, limited liability company, limited liability partnership or limited partnership) with the Connecticut Secretary of the State. You may download the appropriate forms for dissolution or withdrawal on the Secretary of the State's Website. After you dissolve or withdraw with the Secretary of the State, notify DRS and we will close the business entity tax account. Remember, you are required to file a final Form OP-424, Business Entity Tax Return. The business entity tax applies to any year or part of a year when the organization was in existence. You are also required to file a final Form CT-1065/CT-1120SI, Composite Income Tax Return. For detailed information on filing requirements visit the webpage for either: Closing Insurance Premiums Tax and Health Care Center Taxes (Domestic and Foreign Insurance Companies) Insurance companies wishing to inactivate their DRS tax registration (go out of business) for the Connecticut Insurance Premiums Tax or Health Care Center Tax must contact the Connecticut Insurance Department at 860-297-3814. Once verified and approved, the Connecticut Insurance Department will forward the information directly to DRS to be used to inactivate the tax registration of the insurance company or health care center. DRS will not accept a request to cancel a tax registration for the Insurance Premiums Tax or Health Care Center Tax directly from the insurance company. Updated: April 2015 |
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