When should I submit W2/W3 for my business as the business is closing this month

[kiddkevin01]

Hi, I see the this quote from IRS site for the instruction of closing a business: 

You should provide Forms W-2 to your employees by the due date of your final Form 941 or Form 944. Generally, you furnish copies B, C and 2 to the employees. You file Form W-3, Transmittal of Income and Tax Statements to transmit Copy A to the Social Security Administration.

It is quoted from this IRS link: https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business#File%20a%20Final%20...

My question is when should I submit W2/W3 for my S Corp business as I am closing the business this month and I am the sole owner/employee of the business. Is it by the due date of your final Form 941 (7/31/2022) as the above quote or 1/31/2023 as usual?

Thanks in advance!

[Critter-3]

You may file a final 941  before the end of the year  but the final 940 & W-2/W-3 forms are not due until the end of January which makes it convient as that is when the forms are ready for filing. 

[kiddkevin01]

Thanks for the reply, @Critter-3. I saw several articles saying that I need to file W-2/W-3 by the due date of the final quarterly form 941, which is 7/31/2022. Can you show me where your information is coming from please? Thanks!

[Critter-3]

Follow the instructions here :   https://www.irs.gov/businesses/small-businesses-self-employed/closing-a-business

[kiddkevin01]

Yes, that's where I found the information saying that "You should provide Forms W-2 to your employees by the due date of your final Form 941 or Form 944. Generally, you furnish copies B, C and 2 to the employees. You file Form W-3, Transmittal of Income and Tax Statements to transmit Copy A to the Social Security Administration." as I mentioned in the original question. It seems to me saying that I need to file W2 before 7/31/2022 (deadline for 941 Q2). Is that correct? Thanks!

[Critter-3 · Accepted solution]

First you are the only employee so does it really matter when you get the form?   And the SSA will not expect it until Jan 2023 so sending it early is unneeded. 

Next ... good luck finding the 2022 RED forms now ... if you can get them prior to the end of the year then file it now otherwise you can wait until January when the online system is operational for the 2022 forms and/or you can get them from the IRS.   There is no penalty for waiting until Jan.  NOTE in the instructions  the word "should" is used not the terms  "must" or "required".  Most businesses that close before the end of the tax year  don't want to be bothered next  Jan with these admin tasks since there is no one around to do them but you will be.   If you used a payroll company you would pay them for the final work in advance so that they would complete the year end payroll forms for you automatically.      If you were to try to  file them now you would have to use 2021 forms and cross off the 2021 and write in 2022 then mail them in to the SSA where they will be placed in a stack waiting for Jan 2023 to ring in and  the 2022 program opens for data entry. 

NOTE on the IRS website those 2022 forms will not go out until Dec at best so what is the rush ?

https://www.irs.gov/businesses/online-ordering-for-information-returns-and-employer-returns