When I open Parallels to run my Windows VM, it seems to grab ahold of the printer and not let go ... Mac applications are unable to print. Only fix I have found is to shut down the VM entirely. Is there another solution?
A USB printer can only be attached to one computer at a time. When it is plugged in to the Windows computer, it is not available to the Mac. It works the same as if you had two real computers side by side. There are two solutions to your issue: 1) While in your Windows VM, click Devices/USB/<your printer> to remove the check mark next to the printer. This will release (unplug) the printer from windows and make it available to OSX. (To reconnect printer to Windows - click Devices/USB/<your printer> to place a check mark next to your printer.) 2) You can set up your printer to a print server. Make OSX a print server for your printer and both machines can print to it without any reconnecting. To do this follow the instructions for Bonjour Printing at this link.