IRS Form 944: Overview
Updated on January 26, 2023 - 10:30 AM by Admin, TaxBandits
If your small business has employees, your business should report annual federal income tax & FICA tax with the IRS. This type of information is reported using IRS Form 941 (Employer’s Quarterly Federal Tax Return). However, if your business is smaller and has less tax liability, you may be eligible to file a different IRS tax form, Form 944.
Here's everything you need to know about IRS Form 944 and how to file form 944 with the IRS.
Table of Content:
1. What is IRS Form 944 for 2022?
IRS Form 944, (Employer’s Annual Tax Return) is designed for the small employers and is used to report employment taxes. Small business employers with an annual liability for social security, Medicare, and withheld federal income taxes of $1,000 or less have to file annual information returns instead of the quarterly form 941.
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2. When is Form 944 due?
Form 944 is due by January 31st every year, regardless of the filing method (paper or electronic filing).
However, if you made deposits on time in full payment of the taxes due for the year, you may file the return by February 10, 2023.
If the Form 944 due date falls on any Federal holidays or weekend, the next business day will be the due date.
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3. How to File Form 944 electronically?
File your Form 944 electronically with the IRS, and get instant IRS approval using TaxBandits, an IRS authorized e-file provider supporting e-filing for all 1099, W2, 94x, and ACA Forms.
Simply follow the steps below to file your Form 944:
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Step 1: Create a free TaxBandits account or Login If you have one already
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Step 2: Select Form 943 & Enter Form Information
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Step 3: Review Form Information
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Step 4: E-file 944 with the IRS
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4. Penalty for not filing Form 944 on-time
Failure to file IRS Form 944 by the deadline will result in a 5% penalty on the tax owed for each month the return is late (this penalty caps at 25%). When you pay late or do not pay the full amount owed, you will be charged 2-15% of the unpaid tax determined by the number of days the amount remains unpaid. Learn More
Avoid being penalized by the IRS and file your 944 on time and with accurate information.
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