If your company expects to owe less than $1,000 in employment taxes annually, you’ll be able to file the new Form 944 (Employer’s Annual Federal Tax Return) once each year with your annual return, rather than filing Form 941 (Employer’s Quarterly Federal Tax Return) four times a year. An estimated 950,000 small business owners will benefit from this IRS action. The IRS will mail notification letters to eligible employers in early February. If you don’t receive a letter but believe your company is eligible for the new Form 944, call the IRS at (800) 829-0115 by April 1 to see if you qualify.
Even one payroll mistake can damage your standing in the office — and possibly your career. It’s important to spot the holes in your employee pay compliance before the feds or state agencies do....Click here to find out more.