Overview
If you're closing your business, Warp will help ensure your final payroll taxes are handled properly. This guide outlines what Warp manages and what actions you need to take as the employer.
What Warp Handles
Final Tax Payments
- We process and pay all outstanding payroll tax liabilities
- This includes federal, state, and local tax payments for all active accounts
Final Tax Returns
- We mark your federal and state returns as "Final" for the current quarter
- This signals to tax agencies that this is your last filing period
- We ensure all final returns are filed by their respective deadlines
Employer Responsibilities
When closing a business, there are important obligations for the employer to be aware of.
Pay Outstanding Wages and Payments to Employees
- Process final payroll for all employees
- Pay out any accrued PTO, commissions, or bonuses
- Ensure all contractor payments are up to date
- Issue final W-2s and 1099s (Warp will handle this if closing occurs during normal filing season)
Need Warp to file your W-2s/1099s at the year end?
If you're closing your business outside of Q4 (Oct-Dec), and would like Warp to issue your year-end documents such as W-2s and 1099s for all team members, please let us know. Additional fees will apply.
State Tax Account Closures
Please note: Business owners must handle these steps directly as part of their process to wind down their entity
1. Contact Each State Agency
- Reach out to each state where you have tax accounts (If Warp opened any of your state tax accounts, we will share with you any account credentials)
- Request account closure procedures
- Follow state-specific requirements
2. Close Tax Accounts
- File any required closure forms
- Pay any outstanding non-payroll taxes
- Maintain records of account closures
3. Business Entity Closure
- File dissolution paperwork with Secretary of State in places you're licensed to operate in. This may just be Delaware, or your home state of operations as well.
- Cancel business licenses and permits
- Keep copies of all closure documentation
Best Practices
1. Give advance notice to Warp of your closure date
2. Run final payroll at least 5 business days before closing
3. Download and save all payroll records
4. Keep copies of all tax returns and payment confirmations
5. Document all communication with state agencies
Getting Help
- For payroll-specific questions: contact [email protected]
- For state account closures: contact state agencies directly
- For business dissolution: consult your legal advisor or accountant
Important Notes
- Warp's services end once final payroll is processed and tax returns are filed
- Maintain access to important payroll records after closure