Selling business, can new owner take over QB online and payroll as long as they change all company info. FED ID, TAX ID, bank account, credit card for QB fees etc

Hi there, @toureg07. I appreciate you for choosing QuickBooks Online (QBO) as part of your business. As you sell your business, let me share some information on how to handle it using our software.

Yes, the new owner can take over your existing QuickBooks Online (QBO) and payroll account as long as the business, tax, and payroll information is updated. If you have pending filings, you may complete them as soon as possible before making any changes. You can take a look at these articles as your reference:

• Pay and file payroll taxes and forms in Online Payroll
• File your sales tax return and record sales tax payments in QuickBooks Online

Once done, here are the steps on how to update business information in QBO:

1. Sign in to QuickBooks.
2. Go to the Gear icon, then click on Accounts and settings.
3. Select any item you want to update. More fields will appear when you select an area, and the question mark for each field will tell you what it’s for.
4. Hit Save and Done to finish.

This article will also give you more tips about the process: Change your business name, contact info, or EIN in QuickBooks Online.

If the new user opt to change the login credentials for the account, here's how: Reset or change your login information for QuickBooks Online, QuickBooks Online Accountant, and Quic....

Let me know in the comment section below if you have follow-up questions about your account. I'm always here to help. Have a good one!

Thanks!

The only issue I need addressed is how to process the annual tax filing forms now?

If try to process now, it tells you to wait until January 2023.

How do you process them now?

The monthly FED and quarterly tax lets you create a payment but not sure how to file the FED and NYS final forms for filings unless creating a payment does that?

David

I appreciate you for getting back. @toureg07. Let me provide additional information on how to handle your tax filings.

The system allows you to file annual taxes by January 2023. For now, you can export your data or tax details through your reports from QuickBooks Online (QBO) for future use. You can also consult your tax agency for more options as you may file or pay your taxes outside of QuickBooks.

I'm adding these links as your reference in taking out your data from QBO:

• Export reports, lists, and other data from QuickBooks Online
• Export your reports to Excel from QuickBooks Online

If you have other questions about your tax filings, please feel free to click the Reply button and add a comment below. I'll be right here to provide help. Keep safe!

The online payroll tax will only let me create a payment for FED and State.

I need to call QB payroll to help process all annual filings, 940, W2a etc. and unemployments payment.

The system won't let me process now, only in January 2023, it states.

David

Thank you for getting back to us, David.

Usually, Form 940 and other state annual forms will be available in QuickBooks Online (QBO) until the last month of the year ends.

You can currently choose to file it outside of QuickBooks or to deactivate your QBO account and reactivate it in January to create and submit annual returns and W-2s and take advantage of our one-time reactivation fee. Then, advise the new owner of the business to create a new account.

Check out this article for more information about how to notify the IRS and your state agencies that you're selling your business, running your final payroll and issuing last checks, and determine how you'd like to pay and file your final taxes and forms: Close business and finish payroll tasks. 

In case you'd like us to process your final payments and filings, let us know by reaching out to our Payroll Support team. For detailed guidance on how to get a callback or chat with them, refer to this article: Contact Payroll Support. 

Let me know if you have any other questions about your annual filings or anything else in the Reply section below. Have a great rest of the day!

We do not want to wait for January 2023 to complete annual filings and unemployment payment.

We are closing on the business next week and want QB payroll to help assist paying all FED, STATE, ANNUAL fees and file all required filings.  We will pay fee if there is any but want to close business August 31 and then close account.

Please advise.

David