Life Gets a Little Easier for Small Biz Employers
On January 1, 2006, the IRS made filing employment tax form 941 each quarter a thing of the past for certain small business owners!
In past years, all small business owners with employees were required to file Form 941 quarterly, regardless of the amount of tax due. For those employers with an annual employment tax liability of $1,00 or less this process has been greatly reduced. The IRS is now only requiring these employers to file once a year with a new form. Form 944 (Employer's Annual Federal Tax Return)and the instructions will be available online by January 31, 2006.
Notifications will be sent to qualifying employers between February 1 and February 15, 2006. If employers do not receive a letter and feel they are eligible, they can call the IRS at 1-800-829-0115.
Check out www.irs.gov for more details.
In past years, all small business owners with employees were required to file Form 941 quarterly, regardless of the amount of tax due. For those employers with an annual employment tax liability of $1,00 or less this process has been greatly reduced. The IRS is now only requiring these employers to file once a year with a new form. Form 944 (Employer's Annual Federal Tax Return)and the instructions will be available online by January 31, 2006.
Notifications will be sent to qualifying employers between February 1 and February 15, 2006. If employers do not receive a letter and feel they are eligible, they can call the IRS at 1-800-829-0115.
Check out www.irs.gov for more details.
posted by Mama Arika at 11:22 AM
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