I’ve had several questions regarding compliance requirements for employees after my post last week regarding employees vs contractors. These questions have been:

What forms do I file?

When do they need to be filed?

Where can I find additional resources?

Form 941 is used to report federal tax, Medicare, and social security withholding (partial picture included). This form is filed quarterly. Many small businesses and nonprofit organizations will be required to file this form. If your business or organization does not have a payroll service provider, you will be responsible for preparing and filing this form yourself.

Please see the link below to access the form as well as the directions:

https://www.irs.gov/forms-pubs/about-form-941

REMINDER: This form is due by January 31st for the last quarter of 2019.

Please note, there are a few smaller businesses that may only have to file once per year though. Per the IRS, “Form 944 is designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter”.

I’ll cover Form 940 Employer's Annual Federal Unemployment (FUTA) Tax Return in a future post.

If you have any questions regarding completing this form or if your business/organization is required to file a report, please feel free to contact me.

Have a blessed day!