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Answer :
Final answer:
When completing Form 940 for a company that has ceased operations during the year, special steps must be taken including checking a box for a final return, reporting wages and taxes up to the cessation date, and including a statement explaining the reason for ceasing operations.
Explanation:
When completing Form 940 for a company that has ceased operations during the year, there are a few special steps to be taken. First, the employer should check the box indicating that it is a final return for the year. Second, any wages and taxes paid during the year should be reported up to the date the company ceased operations. Lastly, the employer should attach a statement explaining the reason for ceasing operations and the date it occurred.
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