At the end of the year, in addition to all the basic duties that business owners must perform, you still have to complete your 941 tax forms and send in your quarterly employee taxes, Medicare, and Social Security.
If you are unsure about what the next tax year may bring, or you need assistance completing your quarterly returns, a Tax Form 941 lawyer in Phoenix could help you with your questions. At Dayes Law Firm, our tax resolution attorneys have unique knowledge of federal tax laws and are up to date on the latest changes to the federal and state tax codes. We could explain what those changes mean for you.
What Is the Tax Form 941?
The 941 Tax Form is the Employer’s Quarterly Federal Tax Return. Employers use it to report the federal income, Medicare, and Social Security taxes withheld from their workers’ payroll for the previous quarter. It also reports the employer’s share of Social Security and Medicare taxes.
This form also requires employers to adjust for tips, sick pay, insurance contributions, and other deductions. Employees use these to make these adjustments on their returns, and the figures must balance in the event of an audit. Contact one of our Phoenix attorneys to help you navigate your Tax Form 941.
Who Needs Legal Assistance for a 941 Form?
Preparing Form 941 can be challenging. Many large companies have financial departments or turn to external tax professionals, such as certified public accountants, to file their quarterly returns. Several types of businesses may need legal assistance with their returns.
Small businesses may be eligible to file an annual Form 944 rather than a quarterly Form 941. This is determined based on your annual tax liability, so you should consult a tax attorney before filing your returns. New businesses must follow a specific procedure for their initial filing, and businesses that are closing must follow similar guidelines for their closing return. Both businesses should speak to a tax professional to ensure they have followed the correct procedures.
Filers, including those in Phoenix, who need to correct errors or amend a Form 941 after filing can do so, but they should have legal guidance to ensure their corrected forms are accurate and contain the necessary documentation. Employers must pay the full amount owed when filing. If they cannot, they may need to apply for an installment agreement or have an attorney help them negotiate a payment plan.
If you are unsure of your tax obligations or need help understanding the documentation, you should always consult our team.
Get Help With Tax Form 941 From an Attorney in Phoenix
We could provide you with the support you need to file your employee taxes on time without errors. If you have questions about employee tips, payroll tax credits, and other adjustments, our tax professionals in Phoenix could answer your questions and assist you in completing the Tax Form 941 quickly and correctly.
We help clients across Arizona. Federal tax law is complex, and our attorneys could represent you in a wide range of tax matters, including IRS audits, court settlements, release of tax liens, and more. The initial consultation is free, and we will give you the best possible legal advice for your situation. Contact us at Dayes Law Firm today to discuss your employee taxes.
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