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November 22, 2024
Question

Elect Final Payroll Payment for Corporation

  • November 22, 2024
  • 1 reply
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I am closing down my corporation Dec. 31 2024. My CPA let me know that for payroll (using QB) I would need to let the IRS know that my business has closed on the 941 and make sure I elect that status. Can I do this in QuickBooks Online when I submit my final payroll payment for the year? 

1 reply

November 22, 2024

Closing your corporation is a significant step, and I’m here to help you navigate this process smoothly, chris. Submitting the final payroll payment depends on your payment and filing preference configured within the software. I'll elaborate on this in further detail.

 

If the Automated taxes and forms are turned On, you can request that we process your final payments and filings (charges may apply). If you choose to handle your taxes yourself, I recommend contacting live payroll support for assistance. Our live representatives can guide you through submitting your final payroll payment and ensure proper closure procedures are followed.

 

I'll show you how you can get in touch with them:

 

  1. Go to the Help icon.
  2. Select the Search tab and hit Contact Us.
  3. Click the Ask about something else tab.
  4. Key in your concern and hit Continue.
  5. Choose a way to connect with us:
    • Have us call you - Get a call from a support expert.
    • Chat with us - Start a conversation with a support expert.

 

However, if it's turned Off, you can handle your final payments and filings yourself. Submit printed forms to the IRS and state agencies with tax payments, and record these payments in QuickBooks. There are specific checkboxes or lines you need to mark indicating that you're closing your business when filing your final forms or your 941. I encourage you to directly consult with your accountant or agencies for assistance.

 

Additionally, when closing your business, filing deadlines and tax requirements may differ from standard procedures. Contact your state agency for specific guidance on due dates, forms, and any additional obligations related to final tax filings and payments during the closure process.

 

I'll add this article for more info: Close business and finish payroll tasks.

 

I'll be available to offer additional support if you have more questions about this matter. We appreciate your journey with us and wish you success in your future endeavors.