Filing payroll taxes electronically makes good business sense

Payroll Preparation in Houston

Running a business with employees can be hard work. One way business owners can make things a little easier on themselves is by filing payroll and employment taxes electronically.

There are several benefits to filing these forms electronically:

• It saves time.
• It's secure and accurate.
• The filer gets an email to confirm the IRS received the form within 24 hours.

There are two convenient ways businesses can e-file:

• Employers submitting the forms themselves will need to purchase IRS-approved software. There may be a fee to file electronically. Also, the software will require a signature by one of two ways:
  
  • The software instructs the user to apply for an online signature PIN. Taxpayers should allow at least 45 days to receive their PIN.
  • The user can scan and attach Form 8453-EMP, Employment Tax Declaration for an IRS e-file Return.
• Employers can have their tax professional file the form for them. The Authorized IRS e-file Providers for Individuals and Businesses can help employers locate an Electronic Return Originator near them.

Here are some of the forms employers can e-file:

Form 940, Employer's Annual Federal Unemployment Tax Return

Employers use this form to report annual Federal Unemployment Tax Act tax.

Form 941, Employer's Quarterly Federal Tax Return

Employers use this form to report income taxes, social security tax or Medicare tax withheld from employees' paychecks. They also use it to pay their portion of Social Security or Medicare tax.

Form 943, Employer's Annual Federal Tax Return for Agricultural Employees

Employers file this form if they paid wages to one or more farmworkers and the wages were subject to social security and Medicare taxes or federal income tax withholding.

Form 944, Employer's Annual Federal Tax Return

Small employers use this form. These are employers whose annual liability for social security, Medicare and withheld federal income taxes is $1,000 or less. These employers use this form to file and pay these taxes only once a year instead of every quarter.

Form 945, Annual Return of Withheld Federal Income Tax

Employers use this form to report federal income tax withheld from nonpayroll payments.

Source: IRS

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

Payroll Preparation in Houston

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