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rbaines
Level 1

RE: Filing final FUTA due to business closed - how?

I e-file through QBS my quarterly and annual payroll reports but I need to file "Final" reports, as our business is closed and no longer doing business. In particular, on the FUTA (940) annual return I need the 'Type of Return' box d check marked (d. Final: Business closed or stopped paying wages). Is there a way to mark the box before e-filing or do I need to manually submit to IRS?
1 Comment 1
MAnneJ
QuickBooks Team

RE: Filing final FUTA due to business closed - how?

You can mark the box before e-filing in QuickBooks Online (QBO) and no need to manually submit to IRS, @rbaines. Let me go into details about this.

 

You can proceed to e-file the form electronically through QBO. From there QuickBooks will handle the electronic submission to the IRS with the final return indication. Therefore, there's no need to manually submit it to the IRS if you're able to mark the box and complete the e-filing process in QBO. 

 

Before e-filing, you have to consider these things when closing your business: 

 

  • Run your final payroll and issue last checks
  • Save payroll reports and forms for your records
  • Cancel your payroll subscription

 

For more detailed information, you can check this article: Close business and finish payroll tasks

 

In addition, you can visit this helpful resource and learn how to close your previous fiscal year and prepare for the new one: Year-end guide for QBO

 

If you have further concerns with managing your business, feel free to visit the Community forum. I'm always here to help. Have a good one. 

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