Small Business

Corrections are made using Form W-2C and Form W-3C. A copy of the corrected version should be given to the employee and also sent to the Social Security Administration.

The Employer's Quarterly Federal Tax Return (Form 941)for the 1st period January-March is due by April 30.
The Employer's Quarterly Federal Tax Return (Form 941)for the 2nd period April-June is due by July 31.
The Employer's Quarterly Federal Tax Return (Form 941)for the 3rd period July-September is due by October 31.
The Employer's Quarterly Federal Tax Return (Form 941)for the 4th period October- December is due by January 31st.
In any quarter, if all the taxes were timely deposited for the quarter, then the due date is extended 10 more days.
If the 941 reports are not filed timely, there is a late filing penalty. There is also a penalty for late paying with associated interest on the balance due.

Form 941 and Annual Form 944 will still have to be filed when no wages are paid unless you are considered a seasonal employer, farm employer or household employer.

if the tax liability for a quarter is less than $2,500, it may be paid with the quarterly filing of Form 941. If it is $2,500 or more, then it must be deposited on either a monthly or semi-monthly basis.
The IRS will notify you each November as to whether you are a monthly or semi-monthly depositor. The IRS uses a 1 year look back period ending the preceding June 30th.

Depositing FUTA tax in the bank with coupons has stopped.
Use IRS E-file to file and EFTPS to pay. Go to IRS.gov to E-file and www.eftps.gov or call 1-800-555-4477 to call for EFTPS The Federal unemployment Tax (FUTA)is reported and filed separately from the Employer's Quarterly Federal Tax Return Form 941.

Form 8109-B - Federal Tax Deposit Coupon was used before 2011 to make deposits for payroll taxes, corporate income taxes, and other tax deposits.
IMPORTANT Effective for tax payments after January 1, 2011 the IRS will not accept deposit coupons. All tax deposit transactions must be made through the Electronic Federal Tax Payment System (EFTPS). Learn how to use EFTPS to make tax payments electronically.

Beginning 1/1/11 you must use electronic funds transfer to make all federal tax deposits for employment taxes, corporation taxes and excise taxes. Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10. Generally electronic funds transfer are made using the EFTPS system. If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution. To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477 1-800-555-4477 1-800-555-4477 1-800-555-4477. Speak to your local CPA about assisting you in signing up to the Federal Tax Payment System.

Beginning 1/1/11 you must use electronic funds transfer to make all federal tax deposits for employment taxes, corporation tax's and excise taxes. Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10.
Generally electronic funds transfer is made using the EFTPS system. If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution.
To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477 1-800-555-4477.
Speak to your local CPA about assisting you in signing up to the Federal Tax Payment System.

Beginning 1/1/11 you must use electronic funds transfer to make all federal tax deposits for employment taxes, corporation tax's and excise taxes. Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10. Generally, electronic funds transfers are made using the EFTPS system. If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution. To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477 1-800-555-4477. Speak to your local CPA about assisting you in signing up to the Federal Tax Payment System.