Taxes after business sold

[TheOtherMe]

And sign to that treatment and file with tax return.

I've been out of the preparation business for several years now, but I think this is still a requirement.

[taxref]

The quick answer, based on the information already given, is that you are probably looking at taxable income of $99K from this sale. That amount will most likely be at ordinary tax rates, rather than capital gains rates.

The exact tax you will pay on that amount will depend on your full tax circumstances for the year, which will be reported on your 2015 1040.  I would recommend that you have your accountant work up a tax projection ASAP.  You want to know the tax impact as soon as possible.

Going into some details, your accountant said everything has already been written off.  That would nullify (due to depreciation recapture) capital gain rates on any assets.

Form 8594 must be completed by both you and the buyer.  The categories of assets listed on the form are taxed differently, so both forms must agree.   Note that, if everything is *not* written off, how assets are allocated on the 8594 can affect how much tax you may pay.  Both buyer and seller usually have conflicting tax interests as to that allocation.  Caution is necessary.   

A common mistake owners make when selling a business is thinking paying off any business loans counts against their gain on the sale.  That is not so, as the payment of loan principle is not deductible.  Another common mistake is believing that reinvesting the proceeds in another business defers the gain.  Again, that is not so.

Finally, the sale of a business can be a bad place to tread for the unknowing.  I strongly suggest you include your accountant in everything you do.  Do not trust an attorney, unless he is a tax attorney, to get the tax angles of a business sale correct.

[mwcpa]

there is not enough information in this thread to even consider giving any advise other than to seek competent counsel from an EA, CPA or tax attorney versed in the sale of closely held businesses. This advise will not be cheap and if it is, as noted by another, this is an area you get what you pay for.

[TheOtherMe]

Another mistake is taking action before seeking tax advice.  Then what has been done cannot be undone.