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Frequent Explorer **
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Issuing W2's after company is sold.

If I sell my company mid-year how do I issue W2's to employees? Forms are not available now and I may not have access to payroll records at year end. Or will the successor company be responsible for that?

Best answer 03-21-2019 12:25 AM

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QuickBooks Team

Re: Issuing W2's after company is sold.

Hi there, EdwardSam.

 

Annual tax forms will be updated towards the end of the year. A downloadable Form W2 for 2019 is already available on the IRS website. Then, run payroll reports in QuickBooks and hand-write the amounts while you can still access your payroll records. Here's how: 

 

  1. Download the form here:

    https://www.irs.gov/pub/irs-pdf/fw2.pdf

  2. Run the Tax Form Worksheets report to get the amounts. Open this article and look for Tax Form Worksheets: Excel Based Payroll Reports.

I would also recommend reaching out to an accountant to verify if the new owner should be the filing form at the end of the year. 

 

Let me know if you have other questions. 

6 Comments
Highlighted
QuickBooks Team

Re: Issuing W2's after company is sold.

Hi there, EdwardSam.

 

Annual tax forms will be updated towards the end of the year. A downloadable Form W2 for 2019 is already available on the IRS website. Then, run payroll reports in QuickBooks and hand-write the amounts while you can still access your payroll records. Here's how: 

 

  1. Download the form here:

    https://www.irs.gov/pub/irs-pdf/fw2.pdf

  2. Run the Tax Form Worksheets report to get the amounts. Open this article and look for Tax Form Worksheets: Excel Based Payroll Reports.

I would also recommend reaching out to an accountant to verify if the new owner should be the filing form at the end of the year. 

 

Let me know if you have other questions. 

Established Community Backer ***

Re: Issuing W2's after company is sold.


@JenoP wrote:

Hi there, EdwardSam.

 

Annual tax forms will be updated towards the end of the year. A downloadable Form W2 for 2019 is already available on the IRS website. Then, run payroll reports in QuickBooks and hand-write the amounts while you can still access your payroll records. Here's how: 

 

  1. Download the form here: https://www.irs.gov/pub/irs-pdf/fw4.pdf.
  2. Run the Tax Form Worksheets report to get the amounts. Open this article and look for Tax Form Worksheets: Excel Based Payroll Reports.

No, it is NOT

a W-4 is not the W-2

QuickBooks Team

Re: Issuing W2's after company is sold.

Thanks for the call out, @Rustler.

 

It looks like I accidentally posted the link for W4. I've already updated it in the original reply.

Established Community Backer ***

Re: Issuing W2's after company is sold.

Thanks

Frequent Explorer **

Re: Issuing W2's after company is sold.

I can download the 2019 W2 from the IRS website but it is only one employee per copy 1, copy B, copy C, etc. QuickBooks will print two employees per sheet or one employee with all three copies B, 2, and 3 per sheet--but on forms labeled for 2018. The two are incompatible. Is the only solution to wait for the IRS to publish 2019 forms and then hand write them out?

 

After May 31 Payroll will not be operable on QuickBooks 2016 and my payroll subscription will end. Will I still be able to print W2 forms in December? I need to pay tax liabilities for April--how can I do that now as they do not show up yet on the view/pay liabilities list?

QuickBooks Team

Re: Issuing W2's after company is sold.

I'm here to address your payroll concerns, EdwardSam.

 

Regarding your first question, you'll have to wait for the IRS to publish the 2019 forms and manually enter the information using the excel based payroll reports.

 

On your next query, you'll be unable to print the W-2 forms in December once your payroll subscription gets disconnected. 

 

Lastly, regarding your payroll liabilities, the April tax should be available to be paid. Since it's not showing up, let's pull up the Payroll Liability Balances report and check if you have a balance. Here's how:

  1. Click Reports.
  2. Go to Employees & Payroll.
  3. Choose Payroll Liability Balances

Let us know if you have other concerns. We're just a comment away.