Lin 17: If you closed your business and that is your final Form 941, check the box and enter the date you last paid wages.
Business transfer
If you are a sole proprietor and file with the state to become an LLC, that is a business transfer.
If you sell your business, that is a sale.
When there is a transfer, the prior business ends on the date of transfer or that you changed from sole proprietor to LLC for instance.
Your sole proprietor and LLC would each file form 941 for the same quarter.
Your sole proprietor would report wages paid before the transfer and the taxes before the transfer.
Your sole proprietor might complete line 17 of Form 941 as a final return for the sole proprietor business.
The LLC would report the wages paid after the transfer and taxes after the transfer for the quarter you are filing. Your LLC would NOT complete Line 17 of Form 941.
In case of business transfer you would need to attach a document to your last Form 941.
- The name of the new owner
- The new name of the business
- What the business became now: a sole proprietor, LLC, partnership, corporation?
- Is it a transfer or a sale?
- The date of the change
- The name of the person that is keeping the payroll records and the address where the records would be kept.
More information can be found on page 6 of IRS Instructions for Form 941 Employer’s Quarterly Federal Tax Return: https://www.irs.gov/pub/irs-pdf/i941.pdf
Seasonal Business
Line 18: If your business is seasonal and you hire employees temporarily you are an exception allowed by IRS to file Form 941 for some quarters but not for all quarters. Check the box.
If you are not a seasonal business, and you are required to file Form 941, you must file it even if you didn’t pay wages during a quarter and have $0 to report.
If you want to switch from Form 941 Employer’s Quarterly Federal Tax Return to file Form 944 Employer’s Annual Federal Tax Return instead, you could call IRS at 800-829-4933 to make the request. Wait for their approval in the mail before you make the switch until you receive their approval, continue to file the form 941 you are required to file.
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