Tuesday, July 25, 2017

Form 941 and Schedule B

Last week, we called your attention to the fact that your second quarter 941 Forms are due at the end of this month! Now, we’re back to remind you that the deadline’s even closer and to provide you with some information on an attachment you may be required to submit with your 941 Form.

What is Schedule B?
Schedule B is an addendum used with the quarterly tax return for businesses, Form 941, to report additional information to the IRS. Depending on how you deposit the employer taxes associated with Form 941 determines whether or not you’re required to submit Schedule B.

Schedule B is filed by employers who deposit their employment taxes reported on Form 941 on a semi-weekly basis. It’s also required by employers who report more than $50,000 in employment taxes during the previous period and by those who have accumulated $100,000 or more in tax liability in the current or past calendar year.

Where Can I File Form 941 & Schedule B?
When you e-file Form 941 with ExpressIRSForms (also known as TaxBandits), our system will help you complete and include Schedule B if, based on the information you enter, you’re required to submit it with your return at no additional cost!

You’ll also be able to e-sign your return (using your Online Signature PIN or with Form 8453-EMP) and pay any taxes before securely e-filing your Form 941 and Schedule B with the IRS.

It’s no secret that e-filing is the easier, faster, and safer way to complete your IRS returns, including Form 941. Create your account with us or log in today to see just how much better e-filing really is!

And if you have any questions, don’t hesitate to reach out to our all-star, US-based customer support team! We’re available by phone and live chat Monday through Friday, 9:00 a.m. to 6:00 p.m. EST and by email 24/7.

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Thursday, July 20, 2017

Second Quarter 941 Forms Are Due Soon!

Wow-wee where did July go?!

Seems like we were just filing first quarter taxes and now it’s almost time to have second quarter 941 Forms in! So, are you ready?

About Form 941
Many of you are already very familiar with Form 941, but it’s always good to have a refresher course before diving into the form. Form 941, the Employer’s Quarterly Tax Return, reports income taxes, social security tax, and Medicare tax required to be withheld from your employee wages. It’s also used to calculate and submit the employer portion of social security and Medicare taxes.

And since Form 941 is a quarterly form, it must be submitted to the IRS the month following the end of each fiscal quarter. So with the deadline we have coming up on July 31, you’ll need to report financial details from April through June (the second quarter).

E-filing Form 941
Of course, the easiest and fastest way to complete and submit Form 941 is by e-filing. Just keep in mind you’ll need to electronically sign your form with either an Online Signature PIN (assigned by the IRS) or by completing Form 8453-EMP. And with ExpressIRSForms, completing and e-signing Form 941 couldn’t be simpler! You can even make online payments to the IRS when you e-file Form 941 through your account.

But you’d better hurry - there are officially less than two weeks left to complete and submit Form 941 for your business’s second quarter return. If you need any help getting started or have a question, don’t hesitate to reach out to us - we’re glad to help!

Happy filing, everyone!

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Tuesday, July 11, 2017

Heads Up: Your Nonprofit's Tax Form May Be Due

Hey! Do you work with a nonprofit? Know someone who does?

Did you know that it may be time for that nonprofit to file its tax form with the IRS to remain a tax-exempt organization?

The Tax-Exempt Tax Form
When a nonprofit becomes a tax-exempt organization, they agree to report certain financial details to the IRS each year on a Form 990. The form and its information let the IRS know that the organization is still operating within the regulations required to remain tax-exempt. How big the organization is - and how much money it brings in for its tax-exempt purpose - determines which 990 Form is filed with the IRS:
  • Form 990-N, the e-Postcard, is e-filed by organizations that receive less than $50,000 in gross receipts annually.
    • Note: As an electronic form, Form 990-N cannot be paper filed and can only be e-filed.
  • Form 990-EZ is filed by organizations that receive between $50,000 and $200,000 in gross receipts annually and/or have more than $200,000 in total assets.
  • Form 990, the Long Form, is filed by organizations that receive more than $200,000 in gross receipts annually and/or have more than $500,000 in total assets.
  • Form 990-PF, Private Foundation, is filed by tax-exempt organizations classified by the IRS as Private Foundations, regardless of total income.

Who Needs to File July 15
Here’s how the deadline for Form 990 works: it’s due to the IRS the 15th day of the 5th month following the organization’s tax year end date. For organizations that follow a normal calendar year tax schedule - January 1 through December 31 - this deadline is May 15th each year.

But not every tax-exempt organization is created the same way or even on the same timeline. Since some nonprofits become tax-exempt mid-year or work closely with industries that may follow other tax schedules, they’re able to set their tax year with the IRS to be any consecutive 12-month period. Of course, they can’t change it all willy-nilly; once they’ve set a tax year, that’s their tax year. But all of this does mean that Form 990 can pretty much be due any month of the year.

And for organizations who operate on a fiscal tax year that runs from March 1st to February 28th/29th, that month is July!

Where to File Your 990 Form
So, you’ve established that your tax-exempt organization operates on a fiscal year starting in March and ending in February. What’s next?

Well, first things first: your deadline (July 15) falls on a Saturday this year, so it’s automatically extended to Monday, July 17. But if you still don’t think you’ll be able to get everything together in time (Form 990 is known as the Long Form), you can e-file Form 8868 before then to get an automatic 6-month extension of time to file.

The best place to e-file your 990 Form is, of course, with our sister product ExpressTaxExempt. They’re the leader in the nonprofit e-filing industry because they make e-filing Form 990, 990-N, 990-EZ, 990-PF, and even Extension Form 8868, super easy - and fast! You can finish Form 990-N or 8868 in just a few minutes and their simplified, Q & A style format makes finishing the longer forms a much less daunting task. So check ‘em out: create an account and e-file your nonprofit tax return over at www.ExpressTaxExempt.com.

And if you have any questions at all about tax-exempt forms or e-filing, don’t hesitate to give them a call!

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