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draja
Level 1

I sold my business as of June 30 and do not have any employees or contractors. If I terminate the payroll services, will intuit run the W2 and 1099 filing next year?

I sold my business as of June 30 and do not have any employees or contractors.  If I terminate the payroll services, will intuit run the W2 and 1099 filing next year?  I have no option to generate 1099 and W2 for 2024.
1 Comment 1
KimberlyS
QuickBooks Team

I sold my business as of June 30 and do not have any employees or contractors. If I terminate the payroll services, will intuit run the W2 and 1099 filing next year?

You can allow Intuit to file your payroll liability for 2024, draja. I'll add more details regarding this matter.

 

In QuickBooks Online Payroll, you can only prepare and file 1099 and W-2 every January as part of the year-end requirement. This is why you don't have the option to generate 1099 and W2 for 2024 right now.

 

Once you need to cancel your account, we can prepare your year-end filings and/or W-2s if you have QuickBooks Online Payroll Core, Premium, or Elite. However, you'll be charged $150.00 for this service.

 

Your tax liabilities will be paid when we process your cancellation form if you have a full-service payroll subscription. Hence, ensure to leave your bank account open until payments are debited. You'll receive confirmation emails when your cancelation request has been reviewed and completed within 3 business days.

 

On the other hand, since you mentioned that you've already sold your business, canceling your account can be an option to avoid charges for the remaining month before submitting your tax forms. You'll still have access to your payroll data for a year after the cancellation. You can then reactivate your subscription when it's time to prepare and file your payroll tax forms.

 

For the detailed cancellation and reactivation process, refer to these articles:

 

 

Moreover, you might want to browse these materials for guidance on filing federal and state forms to respective agencies;

 

 

I'm always ready to assist you with additional concerns about payroll service cancellation in QuickBooks Online. Please tag me with your reply on this thread to notify me when you need a hand.

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