The next quarterly payroll tax return due date is Oct. 31, and the IRS is urging business owners to use the speed and convenience of filing the returns electronically.
IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns for many reasons.
E-filing saves taxpayers time by performing calculations and populating forms and schedules using a step-by-step process. Once submitted, the information is quickly available to the IRS, thus reducing processing time.
E-filing is the most accurate method to file returns. Those who e-file receive missing information alerts. Electronically filed returns have fewer errors, which reduces a taxpayer’s chance of receiving an IRS notice.
The IRS acknowledges receipt of e-filed returns within 24 hours. The agency retains the information on the tax return. Unlike filing a return on paper, e-filing assures the filer that the tax return is with the IRS and not misplaced or lost in the mail.
There are two options for electronically filing payroll tax returns:
• Let Crosslin help you file your forms.
Only the business owner, authorized signers and reporting agents can apply for an online signature PIN. Third parties, such as attorneys, CPAs, tax return preparers or other tax professionals can’t request a PIN on behalf of the business, nor can they use the PIN to sign returns on behalf of their clients. Crosslin will walk you through this process so we can get all the documents signed.
o Businesses purchase IRS-approved software.
o Business owners may need to pay a fee to electronically file their returns.
o The tax software requires a signature. The taxpayer has the option to apply for an online signature PIN or to scan and attach Form 8453-EMP, Employment Tax Declaration for an IRS e-file Return.
Crosslin is here to help with your tax needs. E-mail your team member or call us at 615-320-5500!