ROCK HILL, SC / ACCESSWIRE / December 15, 2022 / As the 2022 tax year comes to a close, with the end of the year comes a series of IRS filing obligations for employers. There are several annual payroll forms that must be filed with the IRS based on the size and type of the business.
The deadline for filing the following annual payroll forms is January 31, 2023.
Form 940
Form 940 must be filed with the IRS annually to report Federal Unemployment (FUTA) Taxes. Employers pay a FUTA tax rate of 6% on the first $7,000 that they pay to their employees. This is also referred to as the FUTA tax form.
Employers should be aware that the credit reduction rate for California, Connecticut, Illinois, and New York is 0.3% and for the U.S. Virgin Islands it is 3.6% for the 2022 tax year.
In addition to Form 940, TaxBandits also supports Form 940-PR (Puerto Rico) and 940 Schedule R (aggregate filers).
Form 943
Form 943 is the Employer's Annual Federal Tax Return for Agricultural Employees. Employers use this form in the agriculture industry to report the Medicare, social security, and income tax withheld from their employees.
Form 944
Form 944 is the Employer's Annual Tax Return. Small employers with a tax liability of $1,000 or less file this form to report the Medicare, social security, and income taxes withheld from their employee's wages.
Form 945
Form 945 is the Annual Return of Withheld Federal Income Tax. This form must be filed by any business that has withheld taxes from payments to non-employees under the backup withholding rules.
These forms are now available from TaxBandits and can be completed for the 2022 tax year. TaxBandits offers simple e-filing solutions for all of these forms for businesses, tax professionals, and payroll providers of every size. TaxBandits offers time-saving features such as bulk upload options for form data, built-in error checks using the IRS Business Rules, and real-time IRS status notifications.
When asked about year-end filing for payroll forms, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises, the parent company of TaxBandits, responded by stating, " Annual payroll filing with the IRS is a huge piece of maintaining IRS compliance for your business or clients. With TaxBandits, the e-filing process is simple, user-friendly, and accommodating for businesses and tax professionals of all sizes. Our team is prepared to provide the best customer support and experience available for all of your year-end filing needs."
Get Started with TaxBandits to E-file Form 941, 940, 943, 944, and 945 for quick processing and IRS Approval.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099 Form, Form W2, 1095-B, 1095-C, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at [email protected].
SOURCE: TaxBandits