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As a business owner that has employees, you have many different considerations to keep in mind like forms, employment tax withholdings, due dates and other IRS business tax requirements. In our Business Taxes blog post series, we’ve been trying to simplify things for business owners like you and break down all of the necessary steps and requirements you need to be aware of when it comes to having employees. As we’ve mentioned before, the business taxes you’re required to pay to the IRS as a result of having employees are known as payroll taxes or employment taxes. Depending on which type of employees you have, there are different forms and tax responsibilities you have to keep in mind. In previous blog posts, we’ve talked about the different forms and considerations you have to keep in mind when working with 1099 independent contractors (see our previous blog posts Business Taxes: 1099 Independent Contractors and Business Taxes: Form 1099-NEC to learn more if this describes your business). In more recent posts, we’ve been discussing the requirements associated with employiong W-2 employees. To head to the start of the W-2 employee information, check out this blog post: Business Taxes: Employment Identification Number. In this post, we’re going to talk about another facet of employment taxes: unemployment insurance. Employment Taxes and Unemployment InsuranceAs of January 31st, 2021, according to the IRS Page Employee Benefits, “the Federal Unemployment Tax Act (FUTA), with state unemployment systems, provides for payments of the unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only the employer pays FUTA tax; it is not withheld from the employee’s wages.” This last sentence in the except from the IRS page is of particular interest: “Only the employer pays FUTA tax; it is not withheld from the employee’s wages.” This is an important distinction because this means that unemployment tax is not withheld from an employee’s wages like many of the other employment taxes such as medicare and social security taxes. You’ll want to remember that later! The IRS Page Employee Benefits, as of January 31st, 2021, goes on to say that “the Department of Labor provides information and links on what unemployment insurance is, how it is funded, and how employees are eligible for it. In general, the Federal-State Unemployment Insurance Program provides unemployment benefits to eligible workers who are unemployed through no fault of their own (as determined under state law), and meet other eligibility requirements of state law.” The most important parts that business owners with employees have to keep in mind when it comes to unemployment taxes and unemployment insurance is, like we said above, that unemployment taxes are paid solely by the employer and are not withheld from the employee’s wages. Additionally, most employers must pay both federal and state unemployment taxes, so keep an eye out for your state’s taxes as well when you’re filing! In our next blog post, we’ll cover another important topic when it comes to having employees: Workers’ Compensation. Check back soon for our next post! Sources:https://www.irs.gov/businesses/small-businesses-self-employed/employee-benefits The post Business Taxes: Unemployment Insurance appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-unemployment-insurance/
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As we’ve been discussing in our Business Taxes blog series, your business will be required to pay certain taxes and file certain forms with the IRS if you have employees. These business taxes are commonly referred to as employment taxes or payroll taxes. However, the type of employment taxes your business is required to pay and the paperwork your business is required to file with the IRS depends on which type of employees your business employs. At the start of the series, we discussed the different forms and tax responsibilities the IRS requires of a business that hires 1099 independent contractors. To learn more about IRS forms like the W-9 and 1099-NEC, check out our previous blog posts, Business Taxes: 1099 Independent Contractors and Business Taxes: Form 1099-NEC. Following that, in our blog post Business Taxes: Hiring W-2 Employees, we began to discuss the other common employment scenario: hiring W-2 employees. When hiring W-2 employees, employers are required to verify that their employees are legally allowed to work and have them fill out form I-9 with their SSN. As we learned in our most recent post, Business Taxes: Employment Tax Withholdings, employers are also encouraged to have new employees fill out Form W-4, which helps employers calculate employment tax withholdings. In this blog post, we’ll look at the differences employers have to keep in mind when hiring part time or seasonal help. H2: Employment Taxes for Part Time or Season HelpAs of January 31st, 2021, according to the IRS Page Part Time or Seasonal Help, “part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees. For additional information on your tax responsibility as an employer, refer to Businesses with Employees. These rules are also explained in IRS Publication 15, Circular E, Employer’s Tax Guide.” The only major exception to the information in the above except is, as the IRS page Part Time or Seasonal Help goes on to say, “if you employ farm workers, follow the rules in IRS Publication 51, Circular A, Agricultural Employer’s Tax Guide.” While this information might not seem too exciting, since it effectively just says that part-time and seasonal employees are treated the same as other employees, we wouldn’t write a blog about nothing! There are different rules that apply to seasonal employers. Employment Taxes for Seasonal EmployersAs of January 31st, 2021, according to the IRS Page Part Time or Seasonal Help, “seasonal employers do not have to file a Form 941 for quarters in which they have no tax liability because they have paid no wages. To tell the IRS that you will not file a return for one or more quarters during the year, check the Seasonal Employer box in part 3 on the Form 941 for every quarter you file.” As of January 31st, 2021, according to the IRS Page About Form 941, Employer’s Quarterly Federal Tax Return, “Employers use Form 941 to:
In essence, this means that seasonal employers do not need to file quarterly tax returns for quarters in which they don’t have tax liability because they didn’t pay any wages. However, you must check off the ‘Seasonal Employer’ box on any of the returns that your business does file! In our next blog post, we’ll continue discussing business taxes, focusing on unemployment insurance next. Check back soon! Sources:https://www.irs.gov/businesses/small-businesses-self-employed/part-time-or-seasonal-help https://www.irs.gov/forms-pubs/about-form-941 The post Business Taxes: Employment Tax Withholdings for Part Time or Season Help appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-employment-tax-withholdings-for-part-time-or-season-help/ Errors with your employment tax withholdings can lead to serious problems with the IRS, including the trust fund recovery penalty and the 4180 interview. If your business has employees, you’re required to withhold certain taxes, but not others. You’ll want to pay attention in this blog post as we go into further detail about employment tax withholdings. In our previous blog posts, we’ve discussed the different paperwork requirements and tax responsibilities the IRS has for businesses that employ different kinds of employees. The two main types of employees are 1099 independent contractors and W-2 employees. In upcoming blog posts, we’ll also cover the different rules and requirements associated with hiring part time or seasonal help, as well as the different requirements a business has to consider when employing family members. The world of employment taxes can be tricky! If you or your business have any issues with payroll taxes, employment taxes or need any business tax resolution services, don’t be afraid to ask for help. The team of trained business tax resolution specialists at Bullseye Tax Relief are here to help and offer a free initial consultation and transcript analysis for new clients! Employment Taxes: Employment WithholdingsAs of January 31st, 2021, according to the IRS Page Hiring Employees, in order for you “to know how much income tax to withhold from employees’ wages, you should have a Form W-4, Employee’s Withholding Certificate, on file for each employee. Ask all new employees to give you a signed Form W-4 when they start work. Make the form effective with the first wage payment. If employees claim exemption from income tax withholding, they must indicate this on their W-4. The amount of income tax withholding must be based on filing status and withholding adjustments as indicated on the form. If a new employee does not give you a completed Form W-4, withhold tax as if he or she is single. Additional withholding may be required on wages paid to non-resident aliens.” Having new employees fill out Form W-4 is crucial because the exemptions the employee claims on this form dictate the taxes the employer is required to withhold. In addition to Form W-4, if you remember from our previous post, Business Taxes: Hiring W-2 Employees, employers are also required to have new employees fill out Form I-9, and in the process employers input information like the employee’s SSN into Form W-2. The IRS Page Hiring Employees, as of January 31st, 2021, goes on to say that “a Form W-4 remains in effect until the employee gives you a new one. If employees claim exemption from income tax withholding, they must give you a new Form W-4 each year. If an employee gives you a Form W-4 that replaces an existing Form W-4, begin withholding no later than the start of the first payroll period ending on, or after the 30th day, from the date you received the replacement Form W-4. For exceptions and invalid Forms W-4, refer to Publication 15, (Circular E), Employer’s Tax Guide.” All of these forms and dates can get a little confusing after a while. Feel free to bookmark this page so you can come back later if you ever have any questions! In the meantime, if you or your business need help with any employment tax issues, feel free to call Bullseye Tax Relief at (844) 582-3323 to find solutions! Sources:https://www.irs.gov/businesses/small-businesses-self-employed/hiring-employees The post Business Taxes: Employment Tax Withholdings appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-employment-tax-withholdings/ Businesses are required to pay certain taxes and file certain paperwork with the IRS if they have employees. However, the types of paperwork and tax responsibilities required of a business with employees varies depending on the type of employee they employ. In previous blog posts in our Business Taxes series, we’ve discussed the different forms and tax responsibilities required of a business that employs 1099 independent contractors. To learn more, view our previous posts, Business Taxes: 1099 Independent Contractors and Business Taxes: Form 1099-NEC. More recently, we’ve begun to discuss the different requirements the IRS has for businesses that employ W-2 employees. As we shared in our most recent post, Business Taxes: Employment Identification Number, the very first thing the IRS requires from a business in order to hire W-2 employees is an EIN. The EIN, which stands for Employment Identification Number, can be applied for for free through the IRS site. Check out the last blog post for more information: Business Taxes: Employment Identification Number. Today, we’ll discuss the next things the IRS requires in order for a business to hire employees. Employment Taxes and Employment RequirementsAs of January 31st, 2021, according to the IRS Page Hiring Employees, “if you hire employees there is information that you need to secure for your records and forms that you must complete.
Eligibility to Work in the United StatesRegarding the first bullet, Eligibility to Work in the United States, the IRS Page Hiring Employees goes on to say that employers “must verify that each new employee is legally eligible to work in the United States. Have the employees you hire fill out Form I-9, Employment Eligibility Verification PDF.” This is an important piece of information to take note of. It is the employer’s responsibility to verify that their employees are legally eligible to work in the United States. In addition to having new employees fill out Form I-9, you are also required to record every new employee’s social security number, which can help in the verification process. Employee’s Social Security Number (SSN)As of January 31st, 2021, according to the IRS Page Hiring Employees, employers “are required to get each employee’s name and Social Security number (SSN) and to enter them on Form W-2. (This requirement also applies to resident and nonresident alien employees.) You should ask your employee to show you his or her social security card. The employee may show the card if it is available. You may, but are not required to, photocopy the Social Security card if the employee provides it. Record each new employee’s name and social security number from his or her social security card.” The page goes on to give a warning to employers, saying not to “accept an ITIN in place of an SSN for employee identification or for work. An ITIN is only available to resident and nonresident aliens who are not eligible for U.S. employment and need identification for other tax purposes. You can identify an ITIN because it is a 9-digit number, beginning with the number “9” and is formatted like an SSN (NNN-NN-NNN).” So hopefully you learned a thing or two about the requirements and things to look out for when it comes to hiring W-2 employees. Remember, the IRS requires you to have new W-2 employees fill out Form I-9 and show you their social security number, which you need to enter on Form W-2. Next we’ll take a look at one of the parts of payroll and employment tax that many business owners struggle with: employment tax withholdings. Check back soon! Sources:https://www.irs.gov/businesses/small-businesses-self-employed/hiring-employees The post Business Taxes: Hiring W-2 Employees appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-hiring-w-2-employees/ In our latest blog post series about Business Taxes, we’ve been discussing the different business taxes associated with having employees, also known as payroll and employment taxes. Payroll taxes and employment taxes are required if your business has employees, but the type of employees you hire plays a large factor in the tax responsibilities and different IRS forms your business will be required to handle. In our last two posts, Business Taxes: 1099 Independent Contractors and Business Taxes: Form 1099-NEC, we discussed the different requirements and forms for businesses that employ 1099 independent contractors. If your business has paid over $600 to another business for services, you’ll want to check out those last posts for IRS filing information! In this post, as well as several of the upcoming ones, we’ll discuss the different requirements, paperwork and tax responsibilities the IRS requires of a business employing W-2 employees. Employment Taxes: Hiring W-2 EmployeesWhen we started off this Business Tax series with our first post, Business Taxes: Employment Taxes, we noted the IRS’s stipulaitons regarding businesses with employees. As of January 31st, 2021, according to the IRS Page Businesses with Employees, “as a business owner, when another person performs work for you, you must first correctly classify that person as an independent contractor or employee. “If the person is classified as an employee you must have an Employer Identification Number (EIN). Your tax responsibilities include withholding, depositing, reporting, and paying employment taxes. You must also give certain forms to your employees, they must give certain forms to you, and you must send certain forms to the IRS and SSA.” As you can see, hiring an employee comes with a lot of different responsibilities, including “withholding, depositing, reporting, and paying employment taxes.” But before we dive deeper into the intricacies of payroll and employment taxes, let’s first look at the very first requirement a business must meet in order to hire employees: having an Employer Identification Number (EIN). Employment Identification Number (EIN)As of January 31st, 2021, according to the IRS Page Employer ID Numbers, “an Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service and you can get your EIN immediately. You must check with your state to make sure you need a state number or charter.” Like the excerpt from the IRS says, businesses generally need an EIN, but businesses that hire employees definitely require one. You can follow the link in the quoted text above to get started with an EIN application for your business if you don’t already have one. Like the excerpt says, check your state’s individual requirements before you get started. In our next post, we’ll dive deeper into the IRS requirements, paperwork and business taxes associated with hiring W-2 employees. Check back soon! And remember, if your business needs any help with payroll taxes, employment taxes or any type of business tax resolution, our team of highly trained tax resolution specialists are available to help! New clients can call (844) 582-3323 for a free consultation and transcript analysis. Sources:https://www.irs.gov/businesses/small-businesses-self-employed/businesses-with-employees https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers The post Business Taxes: Employer Identification appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-employer-identification/ If your business has employees, you’re either learning, or you’ve already learned, that there is additional paperwork and tax responsibilities associated with having employees. These business taxes associated with employees are known as payroll and employment taxes. As we discussed in the first blog post in our Business Taxes series, Business Taxes: Employment Taxes, there are different forms, paperwork and tax responsibilities for your business depending on which type of employee your business hires and employs. There are two main types of employees: 1099 independent contractors and W-2 employees. To learn more about the differences between the two, check out our first post, Business Taxes: Employment Taxes. In this post, we’ll continue where we left off in the previous post, discussing the forms required of businesses hiring 1099 independent contractors. In the previous post, Business Taxes: 1099 Independent Contractors, we discussed Form W-9, which a business is required to have 1099 independent contractors complete in order to acquire their taxpayer identification number. We also introduced Form 1099-NEC, which we’ll continue discussing here. If you haven’t read our previous post about the payroll and employment taxes required if a business employs 1099 independent contractors, you can read it here: Business Taxes: 1099 Independent Contractors. Business Taxes for 1099 Independent Contractors: Form 1099-NECAs we mentioned towards the end of the last post, as of January 31st, 2021, according to the IRS Page Forms and Associated Taxes for Independent Contractors, “Form 1099-NEC is used by payers to report payments made in the course of a trade or business to others for services.” If you’re wondering what exactly counts as “payments made in the course of a trade or business to others for services,” as of January 31st, 2021, the IRS Page Forms and Associated Taxes for Independent Contractors goes on to explain in greater detail, saying, “if you paid someone who is not your employee, such as a subcontractor, attorney or accountant $600 or more for services provided during the year, a Form 1099-NEC needs to be completed, and a copy of 1099-NEC must be provided to the independent contractor by January 31 of the year following payment. You must also send a copy of this form to the IRS by January 31.” The same page, Forms and Associated Taxes for Independent Contractors, as of January 31st, 2021, continues further, noting that “there are certain situations where a 1099-NEC is not required. These exceptions are listed in the Instructions for Forms 1099-MISC and 1099-NEC PDF.” Properly navigating all of the paperwork and rules required to file the correct forms at the correct times with the correct amount of business taxes can be difficult or down right confusing at times. As a general rule of thumb, like the IRS page says, you should be prepared to complete a Form 1099-NEC and provide it to the independent contractor by January 31st of the following year any time your business pays someone over $600 for services not provided by an employee. If you or your business need any help with business taxes like payroll and employment taxes, feel free to give one of the highly trained tax resolution specialists at Bullseye Tax Relief to learn about how we can help simplify things for you! The post Business Taxes: Form 1099-NEC appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-form-1099-nec/ As we started discussing in our last blog post – and the first blog post in our Business Taxes series – your business is required to pay certain taxes and file additional paperwork if you have employees. Depending on which type of employees your business hires and employs, your business will be responsible for different tax responsibilities and IRS paperwork. If you are looking for more information about the different types of employees, check out our first blog post in the series, Business Taxes: Employment Taxes. In this blog post, we’ll be discussing the forms and paperwork your business is required to file if you employ 1099 independent contractors. Payroll and Employment: 1099 Independent ContractorsForm W-9As of January 31st, 2021, according to the IRS Page Forms and Associated Taxes for Independent Contractors, “if you’ve made the determination that the person you’re paying is an independent contractor, the first step is to have the contractor complete Form W-9, Request for Taxpayer Identification Number and Certification. This form can be used to request the correct name and Taxpayer Identification Number, or TIN, of the worker. The W-9 should be kept in your files for four years for future reference in case of any questions from the worker or the IRS.” As you can see, for tax purposes, you must have any independent contractors your business employs complete a Form W-9. This will be necessary later on for tax purposes when you file the business taxes for your business, and like the end of the except from the IRS page says, you’ll want to hang onto that form for four years. As of January 31st, 2021, according to the IRS Page About Form W-9, Request for Taxpayer Identification Number and Certification, Form W-9 is used, “to provide your correct Taxpayer Identification Number (TIN) to the person who is required to file an information return with the IRS to report.” Form 1099-NECThe second form your business will be required to file with the IRS if you employ 1099 independent contractors rather than W-2 employees is the Form 1099-NEC. While new business owners might not notice, those who have employed independent contractors for some time might notice a difference, as the Form 1099-MISC had been the customary form to file taxes related to 1099 independent contractors. However, as of January 31st, 2021, according to the IRS Page Forms and Associated Taxes for Independent Contractors, “Note: Beginning with Tax Year 2020, you must use Form 1099-NEC, Nonemployee Compensation, to report payments of nonemployee compensation (NEC) previously reported in box 7 on Form 1099-MISC. The separate instructions for filers/issuers for Form 1099-NEC are available in the 2020 Instructions for Forms 1099-MISC and 1099-NEC. “Form 1099-NEC is used by payers to report payments made in the course of a trade or business to others for services.” Form 1099-NEC will be a crucial form if your business employs 1099 independent contractors. In the next blog post, we’ll discuss it in further detail before moving onto the forms and tax responsibilities required of small businesses employing W-2 employees. Sourceshttps://www.irs.gov/forms-pubs/about-form-w-9 The post Business Taxes: 1099 Independent Contractors appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-1099-independent-contractors/ Hello and welcome to our newest blog post series about Business Taxes! In this blog post, as well as several of the upcoming ones, we’ll be discussing business taxes, and more specifically, payroll and employment taxes. These are the taxes a business is required to pay related to their employees. In this series, we’ll start with the basics and over time, show you everything you need to know about business taxes to make sure you stay IRS-compliant. And if you or your business are struggling with any current tax debt, we’ll discuss some of your options along the way as well. But if you or your business recently received a notice or a letter from the IRS, we recommend you give one of our highly trained tax resolution specialists a call today at (844) 582-3323. For those of you interested in learning more about business taxes, let’s get started. As you know, or as you’re quickly learning, life as a business owner means you are not only responsible for filing your individual taxes, but also for filing the taxes for your business. If you are a sole proprietor, a partnership or a single-member LLC without employees, this blog series, unfortunately, is not for you. Feel free to check out our Rush Tax Resolution Services series for information regarding different tax resolution options that might be more helpful for you. In this series, we’ll be focusing on the business taxes required to be paid by small businesses with employees. In this blog post, we’ll start with the IRS’s stipulations for businesses with employees and then discuss more employee-related business tax information in our next post. Businesses with EmployeesAs of January 31st, 2021, according to the IRS Page Businesses with Employees, “as a business owner, when another person performs work for you, you must first correctly classify that person as an independent contractor or employee. “If the person is an independent contractor, refer to Forms and Associated Taxes for Independent Contractors for your tax responsibilities. “If the person is classified as an employee you must have an Employer Identification Number (EIN). Your tax responsibilities include withholding, depositing, reporting, and paying employment taxes. You must also give certain forms to your employees, they must give certain forms to you, and you must send certain forms to the IRS and SSA.” As you can see from the excerpt from the IRS page, determining whether your business should hire an employee or an independent contractor is a pretty important decision as it determines the different tax responsibilities and paperwork that will be required of your business. In the next blog post, Business Taxes: 1099 Independent Contractors, we’ll discuss the different business taxes and paperwork a business is required to file with the IRS if they hire independent contractors. In one of the following posts, Business Taxes: Hiring W-2 Employees, we’ll begin to cover the different payroll and employment taxes associated with employing W-2 employees. In the meantime, if you need any assistance with any payroll and employment taxes, feel free to give one of our tax resolutions specialists a call today! We offer a free initial consultation and transcript analysis to new clients so you can discover your options risk-free! Sourceshttps://www.irs.gov/businesses/small-businesses-self-employed/businesses-with-employees The post Business Taxes: Employment Taxes appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/business-taxes-employment-taxes/ If you’re a small business owner looking for more information about payroll taxes, then you’re in the right place! We, here at Bullseye Tax Relief, are happy to share what we know about payroll taxes, tax resolution opportunities and tax relief strategies for individuals and businesses. In our most recent blog posts, we’ve been discussing payroll taxes in great detail. We started the series off with our post Tax Resolution for Businesses: Payroll Tax, where we talked about payroll taxes (also known as employment taxes) and what they are. If you’re new to this payroll tax series, we recommend you start there! Following that, we discussed payroll tax reporting and answered questions about special circumstances for payroll tax reporting. In our last two posts, we’ve started to talk about the different due dates for IRS paperwork related to payroll taxes. As you can guess from the title, in Payroll Tax Due Dates: January, we discussed the forms a business owner with employees is required to file with the IRS by January 31st (as of January 22, 2021). And, as you’ll see soon, there is actually one additional IRS form that can be filed quarterly and January 31st is one of those quarterly dates. But first, let’s discuss the IRS paperwork due by March 31st for employers. Payroll Tax Due Dates: MarchAs of January 22nd, 2021, according to the IRS Page Employment Tax Due Dates, employers are required to file the following forms by March 31st:
If you read our previous post, Payroll Tax Due Dates: February, you might recognize these two forms. These are the same forms that were required to be filed in February, with the distinction that the forms filed in February must be done manually, while employers willing to file electronically can wait until the end of March to file the same forms. Payroll Tax Due Dates: QuarterlyAs we mentioned above, there are also quarterly filings required for employers. As of January 22nd, 2021, according to the IRS Page Employment Tax Due Dates, these quarterly due dates are “April 30, July 31, October 31, and January 31 (for the fourth quarter of the previous calendar year).” On these dates, according to the IRS Page Employment Tax Due Dates, employers are required to “file Form 941, Employer’s QUARTERLY Federal Tax Return.” But, like some of the forms we’ve discussed in previous posts, “if you timely deposited all taxes when due, you have 10 additional calendar days to file the return.” If you’ve read all of our payroll tax blog posts so far, you’ve seen all the different dates, all the different paperwork you have to file and all the different components of payroll taxes you have to consider. Don’t go it alone! The tax specialists at Bullseye Tax Relief are here to help! If you have any questions about payroll taxes or tax resolution options, contact us today! Sources:https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates The post Payroll Tax Due Dates: March and Quarterly appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/payroll-tax-due-dates-march-and-quarterly/ If you’re a small business owner looking for more information about payroll taxes, then you’re in the right place! We, here at Bullseye Tax Relief, are happy to share what we know about payroll taxes, tax resolution opportunities and tax relief strategies for individuals and businesses. In our most recent blog posts, we’ve been discussing payroll taxes in great detail. We started the series off with our post Tax Resolution for Businesses: Payroll Tax, where we talked about payroll taxes (also known as employment taxes) and what they are. If you’re new to this payroll tax series, we recommend you start there! Following that, we discussed payroll tax reporting and answered questions about special circumstances for payroll tax reporting. In our last two posts, we’ve started to talk about the different due dates for IRS paperwork related to payroll taxes. As you can guess from the title, in Payroll Tax Due Dates: January, we discussed the forms a business owner with employees is required to file with the IRS by January 31st (as of January 22, 2021). And, as you’ll see soon, there is actually one additional IRS form that can be filed quarterly and January 31st is one of those quarterly dates. But first, let’s discuss the IRS paperwork due by March 31st for employers. Payroll Tax Due Dates: MarchAs of January 22nd, 2021, according to the IRS Page Employment Tax Due Dates, employers are required to file the following forms by March 31st:
If you read our previous post, Payroll Tax Due Dates: February, you might recognize these two forms. These are the same forms that were required to be filed in February, with the distinction that the forms filed in February must be done manually, while employers willing to file electronically can wait until the end of March to file the same forms. Payroll Tax Due Dates: QuarterlyAs we mentioned above, there are also quarterly filings required for employers. As of January 22nd, 2021, according to the IRS Page Employment Tax Due Dates, these quarterly due dates are “April 30, July 31, October 31, and January 31 (for the fourth quarter of the previous calendar year).” On these dates, according to the IRS Page Employment Tax Due Dates, employers are required to “file Form 941, Employer’s QUARTERLY Federal Tax Return.” But, like some of the forms we’ve discussed in previous posts, “if you timely deposited all taxes when due, you have 10 additional calendar days to file the return.” If you’ve read all of our payroll tax blog posts so far, you’ve seen all the different dates, all the different paperwork you have to file and all the different components of payroll taxes you have to consider. Don’t go it alone! The tax specialists at Bullseye Tax Relief are here to help! If you have any questions about payroll taxes or tax resolution options, contact us today! Sources:https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates The post Payroll Tax Due Dates: March and Quarterly appeared first on Bullseye Tax Relief. Via https://www.bullseyetaxrelief.com/payroll-tax-due-dates-march-and-quarterly/ |