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.
Please Find About our Products and Links Below
Free Download
Check the Free Download section on our website for budget spreadsheet, budget planner PDF, tax forms, motivational quotes, checklists, and more for you do download. Would you please join our email list to access it?
Our Objectives
At Nina’s Soap, we thrive to live a quality life within our budget and increase our net worth. We share many aspects of our lifestyle including personal finance, investment, business management, cooking from scratch and growing some vegetables and fruit to save money and eat healthy.
For more, would you please visit us on our:
Blog: www.ninasoap.com
You Tube Channel: Liberman Consulting L.L.C.
Join Us for Free
How to Find Previous Articles
To make it easy to navigate our website, would you please check the side bar? Under “Post Archives, are our categories”. The links to our prior articles are saved under their appropriate categories. Please click on any category under “Post Archives” to read the titles of previous articles and click on the link of your interest to open the article.
Welcome to Our Financial Success Group!
To learn more tips on how to live below your income without sacrificing the quality of your life and start building wealth, please join our community for FREE by subscribing here: https://ninasoap.com/membership-join/
Our Online Stores
Welcome to Nina’s Soap our Natural Products Store
Our lye soaps are hand-made with quality grade natural oils and butters, food grade sodium hydroxide, and herbs grown in our garden without pesticide or chemical fertilizer—- no additives, no fragrance, no dye.
Our towels, washcloths, and napkins are natural and eco-friendly alternatives of paper towels, paper napkins, and tissue papers for you to enjoy in the comfort of your home while saving money and the environment.
Welcome to Liber Label our Apparel Store
Customs design clothing, home décor, accessories, and stationery with motivational quotes to lift your mood every day.
Leave a Comment