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thermophile
Level 1

ending business in q1 but let qb payroll autofile 941 without part 3 filled out

I ended my sole propritor business (personal household) in January. Let qb payroll file 941 for q1 for me. Found out that I should have used part 3 on that form to indicate the close of my business. Can I amend that filing? I looked on IRS but didn't see anything that indicated I can amend it. Or should I file a $0 q2 941 with part 3 filled out?

thanks

1 Comment 1
jenop2
QuickBooks Team

ending business in q1 but let qb payroll autofile 941 without part 3 filled out

The requirement to submit a corrected tax form largely depends on the specific information that needs to be amended, thermophile.

 

The Instructions for Form 941 state that "If you permanently go out of business or stop paying wages to your employees, you must file a final return. To tell the IRS that Form 941 for a particular quarter is your final return, check the box on line 17 and enter the final date you paid wages."


However, the 941-X or Adjusted Employer's Quarterly Federal Tax Return does not have a specific section to indicate business closures. I'd also like to inform you that amending Form 941 is currently not supported in QuickBooks Online.

 

In this case, it's best to directly reach out to the IRS. They can advise whether filing an amended Form 941 is still necessary in your situation, or if you should file a $0 report for the second quarter. For more comprehensive guidance on correcting employment taxes and submitting Form 941-X, please refer to these resources on their website:

 

 

Although you may no longer be processing payroll, you might find these articles helpful for completing year-end tasks for the current calendar year:

 

 

Navigating tax forms and procedures can be complex, especially when dealing with business closures or significant changes. Please don't hesitate to reach out again if you have any further questions or need additional clarification from the QuickBooks Team.

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