I want to close a business I acquired 6 months ago, but have tax liabilities that I can't pay. How can I do this?

You should go meet with a bankruptcy lawyer. Buy an hour of his or her time. One issue is whether the business is a "C" or an "S" corporation. If it is a "C" you may not be liable for its tax obligations. So you need to give the facts to someone competent. An on-line service like this is not the way to get that advice.

I agree wit Bruce. It depends what type of a business entity it is and whether or not it is taxed as an s-corp, single entity LLC or C-corp. It also matters what your buy-sell agreement says. Sometimes there is provisions when there are undisclosed liabilities and the agreement will say who will be liable for them. It may not matter to the IRS

I'm not an OH attorney but in addition to what the other attorneys noted I would inquire about the Ohio "Bulk Sale" laws which govern how this type of thing (debt of a purchased entity) is handled. In NJ for example, if the purchaser follows the statute they can be protected from liabilities of the seller but they won't be protected if they don't follow that procedure. If either side was represented for the transaction there is a good chance that if this law applies in a similar way in OH you could actually be protected.