Per Diem Rates from the U.S. General Services Administration
Search by city, state or ZIP code, or by clicking on the map. You can also use the new per diem tool to calculate trip allowances
Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
Closing and Reopening a Sole Proprietorship
If you temporarily discontinue operating your sole proprietorship for more than one year, then resume operations in a subsequent year, assuming you had no employees, do the following:
- File Schedule C (Form 1040 or Form 1040-SR), Profit or Loss From Business, with your individual tax return for the year you close your business.
- Line H: If you started or acquired this business during 20xx check here.
- Place a check mark in the box on this line.
- Line G: Did you materially participate in the
operation of this business during 200X?
- Check the Yes box if you worked at least 500 hours for the entire year (10 hours per week).
- Line H: If you started or acquired this business during 20xx check here.
- File Schedule SE (Form 1040), Self-Employment Tax, if you had net earnings of $400 or more from your business.
If you sold business property, you may need to file the following forms with your Form 1040 or Form 1040-SR:
Sale of Business Property
Form 4797, Sales of Business Property:
Keep in mind, even after closing your business, if you sell property used in that business in a subsequent year, you'll need to file Form 4797. In addition, also file this form if closing your business causes the business use of eligible property under Section 179 to drop to 50% or less.
Form 8594, Asset Acquisition Statement:
If You Had Employees
If you had employees when you closed your business, file the final employment tax returns to let the IRS and state governments know that such returns are the final returns for your business.