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Filing W-2s early due to closure of S Corp

I have filed W-2s for S Corp through TurboTax Business. Our S Corp is now closed and I need to file W-2s for 2021. It is only June 2021. What is the best way to file W-2s early and online?

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Filing W-2s early due to closure of S Corp

17 Replies

Filing W-2s early due to closure of S Corp

Here's the IRS blank W2 for 2021

https://www.irs.gov/pub/irs-pdf/fw2.pdf 

 

Filing W-2s early due to closure of S Corp

Complete all the things on the IRS list that is applicable : https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business

Filing W-2s early due to closure of S Corp

I previously checked out that website, https://www.irs.gov/pub/irs-pdf/fw2.pdf  and the site does not allow 2021 W-2s to be filed online.  

 

The following restrictions apply specifically to Forms W-2/W-3 Online:

  • Do not use Forms W-2/W-3 Online if you are filing for a tax year other than 2017, 2018, 2019 or 2020.

Apparently, I will have to download the forms, fill out and mail.  I was hoping to avoid the mailing step.

Filing W-2s early due to closure of S Corp

You cannot efile 2021 forms until mid Jan 2022.  

Filing W-2s early due to closure of S Corp

I'm getting the run around with the SSA and IRS.  According the IRS  2021 General Instructions for Forms W-2 and W-3, page 13 states:

Terminating a business. If you terminate your business,
you must provide Forms W-2 to your employees for the
calendar year of termination by the due date of your final
Form 941, 944, or 941-SS. You must also file Forms W-2
with the SSA by the due date of your final Form 941, 944,
or 941-SS. If filing on paper, make sure you obtain Forms
W-2 and W-3 preprinted with the correct year. If e-filing,
make sure your software has been updated for the current
tax year.

 

I have filed our FINAL Form 941, Employer's Quarterly Federal Tax Return

 

On page 14:

Failure to file correct information returns by the due
date. If you fail to file a correct Form W-2 by the due date
and cannot show reasonable cause, you may be subject
to a penalty as provided under section 6721. The penalty
applies if you:
• Fail to file timely,
• Fail to include all information required to be shown on
Form W-2,
• Include incorrect information on Form W-2,
• File on paper forms when you are required to e-file,
• Report an incorrect TIN,
• Fail to report a TIN, or
• Fail to file paper Forms W-2 that are machine readable.
The amount of the penalty is based on when you file
the correct Form W-2. Penalties are indexed for inflation.
The penalty amounts shown below apply to filings due
after December 31, 2021. The penalty is:
• $50 per Form W-2 if you correctly file within 30 days of
the due date; the maximum penalty is $571,000 per year
($199,500 for small businesses, defined in Small
businesses).
• $110 per Form W-2 if you correctly file more than 30
days after the due date but by August 1; the maximum
penalty is $1,713,000 per year ($571,000 for small
businesses).
• $280 per Form W-2 if you file after August 1, do not file
corrections, or do not file required Forms W-2; the
maximum penalty is $3,426,000 per year ($1,142,000 for
small businesses).

 

However, the SSA states I cannot file 2021 W-2s until December 15, 2021.  

Filing W-2s early due to closure of S Corp

Terminating a business.    https://www.irs.gov/pub/irs-pdf/iw2w3.pdf

 

If you terminate your business,
you must provide Forms W-2 to your employees for the
calendar year of termination by the due date of your final
Form 941, 944, or 941-SS. You must also file Forms W-2
with the SSA by the due date of your final Form 941, 944,
or 941-SS. If filing on paper, make sure you obtain Forms
W-2 and W-3 preprinted with the correct year. If e-filing,
make sure your software has been updated for the current
tax year.

 

 

 

https://www.irs.gov/pub/irs-pdf/fw3.pdf

 

https://www.irs.gov/pub/irs-pdf/fw2.pdf

 

 

Filing W-2s early due to closure of S Corp

This tells me NOTHING.  If you follow your links, the SSA doesn't have 2021 W-2 forms available yet.  I called SSA and they will not be ready until December 15, 2021.  However, I need to file in the next 30 days or risk a penalty from the IRS.  I attempted to order the form W-2 through the IRS website and it is not available for order.

Filing W-2s early due to closure of S Corp

Filing W-2s early due to closure of S Corp

I'm sorry to tell you, the IRS does not have it.  If you follow the link, you will see it is not there for 2021.

Filing W-2s early due to closure of S Corp

Filing W-2s early due to closure of S Corp

And  you can mail  regular Black & white   forms ... I do it all the time without any reprisal. 

Filing W-2s early due to closure of S Corp

Obviously, the links must be corrupted.  As the link does not take me to 2021 W-2.

Filing W-2s early due to closure of S Corp

Filing W-2s early due to closure of S Corp

Looks like 2021 to me

 

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