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Trying to close my business. I need to print W2s now and file "FINAL" tax returns

I am trying to print our businesses W2s and file final tax returns (as "FINAL") today, not in January2021. I need to stop my intuit Quickbooks Payroll for Mac  monthly charges as well. I have been unable to do this. It appears that if I stop my payroll service I can't file these reports? I would appreciate some help. Thanks MaryEllen

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QuickBooks Team

Trying to close my business. I need to print W2s now and file "FINAL" tax returns

I have the information you need so you can print and file your final tax return, @Mel60.


Yes, you’re correct. Payroll service needs to stay active so you can file your reports. There are things you need to do when closing your business.


Most state and federal payments are due on the regular dates, and some states require accelerated payments when a company closes. You’ll want to check with your state agency to determine if you can pay taxes sooner.


Before you print W2s and file the returns, make sure you run your final payroll and all outstanding tax payments are settled. This way amounts reflected on each form are accurate.
Then you can now file your forms for both federal and state. Here are the steps:

 

  1. Go to Taxes & Forms and select Quarterly Forms.
  2. Print the federal Form 941.
  3. Check the box on line 17, and enter the date final wages were paid, indicating that your business has closed and that you do not need to file returns in the future.
  4. Complete our Statement of Final Return template and then attach this statement with your final Form 941.
  5. If you file the final Form 941 electronically, send the Statement of Final Return to the IRS processing center for your state, then write “E-File” in the Comments section.


Once done, print and provide your employees with W-2s. Please follow the instructions below:

 

  1. Go to Taxes & Forms and select Annual Forms.
  2. Select W-2, Copies B,C & 2.
  3. Select the View to view and print the forms.

You’ll have to file employer Copy A of Form W-2 thirty days after you file your final quarterly Form 941. For more details about it, refer to step 5, then follow the remaining instructions (6, 7) to complete and finish payroll tasks.


Keep me posted if you have any other questions about the process to close your business. I'll be around to help you out. Always take care MaryEllen.                                                    

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