Closing your business can be a challenging task, bostokes50@gmail.
I'm here to provide information in filing your final 940 and 941 forms through QuickBooks Online (QBO).
Since you can't mark forms 940 and 941 as final within payroll, you can let Intuit mark them as final and complete your year-end filings only if you have Automate payroll taxes and forms turned on. To do this, you'll have to cancel your payroll subscription, but please know that charges may apply upon the cancellation process. Here's a quick guide on the things you must do before closing your business in QBO and canceling your payroll subscription:
- Notify the IRS and your state agencies.
- Run your final payroll and issue the last checks.
- Save payroll reports and forms for your records.
- Cancel your payroll subscription.
To cancel your payroll subscription, kindly contact our Payroll Support team for assistance. Here's how:
- In your QBO account, go to Help (?).
- Select Contact Us.
- Enter your concern, then select Let's talk.
- Choose a way to connect with us:
- Start a chat with a support expert.
However, if you have Automate payroll taxes and forms turned off, you'll have to download the 940 and 941 forms outside of QBO and process them manually. Added to this, you need to print your previously filed tax forms and submit them directly to the IRS and state agencies along with your tax payments. Also, don't forget to record the tax payments in QBO.
For a more detailed guide on filing your final 940 and 941 forms, please refer to this article: Close business and finish payroll tasks.
In addition, QBO has several ready-made reports that you can access to view your employee and business information. To get started, see this article: Run payroll reports.
We'll be on the lookout for your reply if you have further questions filing forms 940 and 941 in QBO. We're committed to offering ongoing support. All the best.
