I sold my business and the new owners kept the employees. What is my requirement as the former owner for filing Forms W-2 for the employees?
If the new owner acquired substantially all of your business property and retained your employees, you will need to file a final Form 941, Employers Quarterly Federal Tax Return. The final Form 941 generally must be filed on or before the last day of the first calendar month following the quarter for which the return is made. You will need to furnish Forms W-2 to your employees by the time you are required to file the final Form 941. You will also need to file Forms W-2 and W-3 on or before the last day of the second calendar month following the period for which the final Form 941 is filed. If you and the new owner agree, you can be relieved of furnishing Forms W-2 to the employees and filing Forms W-2 and W-3 with the Social Security Administration. Such an agreement would be allowed if the employees will be paid wages by the new owner in the same calendar year and the Forms W-2 furnished to these employees will contain the required information , i.e. wages paid and taxes withheld, fr
