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IRS Form 944 - Tax Forms - 1099 and W2 IRS Tax Forms | Buy Tax Forms

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IRS Form 944

Recently, the IRS decided that it was time to make the process for small business owners easier which resulted in them creating form 944. This new form that has just been introduced this year now makes it so a lot of the old paper work that they had to file is now eliminated. However, the only businesses who can use this form at this time are the ones who have an employment tax liability annually of $1000 and under. This form replaces form 941 and it only has to be filed annually.

Businesses who qualify would be small businesses that have paid less than $4000 throughout the year. Currently, the IRS estimates that at least 950,000 small businesses will be able to qualify to file annually instead of quarterly.

Form 944 is used for employers to report all of the wages that they have paid throughout the year, the tips that have been reported, and the federal income taxes that they have withheld, their share of social security and Medicare taxes withheld, and any advance earned income credits they may have received throughout the year

Since they have created the 944 form for small businesses to use the IRS is confident that the paper work that is usually filled will drop by at least one million meaning that the paperwork process that stresses out small business owners will now be eliminated.

To find out more about form 944 it is best to go to the IRS website. Additionally, you are able to find out everything that you need to know about form 944 by looking at the PDF of two pages that they have available as well.

 

 
 
 
 

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