IRS pinches pennies on Form 941

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in Small Business Tax,Small Business Tax Deduction Strategies

The IRS says that employers can’t round off to the nearest dollar on Form 941, Employer’s Quarterly Federal Tax Return. Neither Form 941 nor the in­­structions permit rounding off. There­­fore, you must continue to report your payroll tax liability to the penny.

Note: The IRS generally permits you to round off on other forms.

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