 So form 8300. You must file form 8300, report of cash payments over $10,000 received in a trade or business. If you receive more than $10,000 in cash in one transaction or two or more related business transactions, cash includes US and foreign coin and currency. So it also includes certain monetary instruments such as cashiers and traveler's checks and money orders. So cash does not include a check drawn on an individual's personal account, personal check. For more information, you can see publication 1544 reporting cash payments over 10,000. So you can see what the IRS is trying to do. They're trying to monitor transactions of a certain size now, right? And as things become more electronic, you could see what they're gonna try to basically insert themselves into these electronic transactions and they'll be able to kind of regulate more, you would think, once that happens, unless people start using things like cryptocurrency or something that don't have the same regulations with it. I don't know. So penalties, there are civil and criminal penalties including up to five years in prison for not filing form 8300, filing or causing filing of a false or fraudulent form 8300 or structuring a transaction to evade reporting requirements. Okay, so here's a going out of business checklist. So notice that when you start a business, it's actually easier sometimes to get the business up and running than kind of taking the business back down or taking it apart. Because now if you've got an EIN number and you're reporting 1099 forms and if you go as far as structuring a separate type of entity like an S corporation or an LLC, those can be quite difficult to like to deconstruct, not totally difficult but sometimes there's a state and the federal component and sometimes it's a little bit of a problem to get them deconstructed. You wanna make sure that you close them properly or else you can end up with issues and fees in the future and it's kind of a pain. So note the following checklist highlights the typical final forms and schedules you may need to file if you ever go out of business for more information. See the instructions for listed forms. So you got the income tax. So if you are liable for income tax then you may need to file schedule C with your form 1040 or 1040 SR for the year in which you go out of business and then file form 479 says them for with your form 1040 or 1040 SR for each year in which you sell or exchange property used in your business. So you sold business property like depreciable property or something or in which the business use of certain section 179 or listed property file form 8594 with your form 1040 or 1040 SR if you sold your business. You got this SE tax, self-employment file schedule SE with your form 1040 or 1040 SR for the year in which you go out of business. Employment taxes, this would only be the case if you had employees, not contractors file form 941 for the calendar quarter in which you make final wage payments. Oftentimes when people go out of business they try to cut it off in the middle of the year like you went out of business in the middle of the year and you just drop finishing up the payroll taxes because you didn't do payroll for the last couple quarters of the year but you still need to file the W-2s and make sure you've done the 941s you need to in the 940 otherwise payroll is a problem you don't wanna mess up payroll because the IRS is more crazy about payroll than most other things in part because like if you withheld money from your employees as withholding taxes that you're supposed to pay to the government like social security, Medicare, federal income tax and you don't then not only did you not pay your own taxes you basically took money from your employees and then didn't pay the taxes, right? So it's actually a bigger problem kind of because it's kind of like you stole from the employees even though you were forced to withhold the money from the employees. So do not forget to check the box and enter that the date final wages were paid then you got the form 940 that's another payroll form for the calendar quarter year in which final wages were paid and then you got the information returns provide W-2s to your employees for the calendar year so even if you stop in the middle of the year you wanna make sure you issue the W-2s close the business up as best you can try to end it wherever it's ended so that you can move on and the business doesn't kind of try to take you down for the next thing you're trying to do I'm trying to move to the next thing here and the dang business keeps coming back like a zombie and trying to cut me down I'll tell you what anyways, don't let it do that. So file form W-3s and file form W-2 provide forms 1099 miscellaneous and form 1099 NEC to each person to whom you have paid at least $600 and then file form 1096 to file forms 1099 miscellaneous so that's the closing worksheet if you have an S corporation that you set up or an LLC you wanna make sure that you close those and that might take on the state as well I'm making sure you close everything properly not just on the federal side but on the state side