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  • Basics of Form 944

    Monday 24th of September 2012 4:22:20 PM

    The Form 944 is an option given to employers by the IRS to file their tax returns once a year. This type of federal tax return form was designed for the convenience of both the IRS by not having to process a number of tax returns yearly; and for the small businesses by not having to file their tax returns quarterly.

    Switching to Form 944 or Employer’s Annual Federal Tax Return removed the hassle of having to file every three(3) months with the use Form 941. However, the Form 944 can only be utilized by businesses with payroll tax liabilities of $1,000 or less.

    The IRS will notify businesses in writing whether they can file by the Form 944. Included in the Employer’s Annual Federal Tax Return are reports of paid wages, certain amounts for federal income tax, social security tax, and Medicare tax.

    Good to Know:

    1. According to the IRS, on time tax deposit will entitle taxpayers an additional 10 calendar days from January 31st to file for the appropriate return.
    2. Errors made in the filing of Form 944 can be corrected by filing a Form 944-X.

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