The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-3)
What if my employer goes out of business or into bankruptcy?
Your employer must provide you with a Form W-2 showing your wages and withholdings
for the year by January 31 of the following year. You should keep up-to-date records or
pay stubs until you receive your Form W-2. If your employer or its representatives fails to
provide you with a Form W-2, contact the IRS and we can help by providing you with a
substitute Form W-2. If your employer is liquidating your 401(k) plan, you have 60 days
to roll it over to another qualified retirement plan or IRA. For more information,
see Publication 4128, Tax Impact of Job Loss .
What if I close my own business?
If your business is no longer operating, you still are responsible for filing all required tax
returns for your business by the due dates. In addition, if you had employees, you must
file all required employment tax returns, including Forms 940, 941, 943 or 944. Both
business and employment taxes should be paid when due. But, if you are not able to pay
in full, contact the IRS immediately to discuss your options. For more information, see
the IRS web site…
Starting a Business
Operating a Business
Closing a Business
(IRS Web Site Updated 3/28/22) (TTT 06/21/22)