Q: The IRS has aloof appear a anatomy to abate an employer’s tax burden. What’s that form?
A: Beginning Jan. 1, 2006, assertive application tax filers will be able to book the new Anatomy 944 (Employer’s Anniversary Federal Tax Return) already a year rather than filing Anatomy 941 (Employer’s Anniversary Federal Tax Return) four times a year. The new Anatomy 944 will abate accountability on acceptable baby administration who book anniversary allotment with little or no application tax due. Most administration who book Anatomy 944 will be able to accomplish a distinct acquittal with their anniversary return. The aboriginal 944 allotment will be due Jan. 31, 2007, for the 2006 tax year.
Q: Who’s eligible?
A: Acceptable administration are those with estimated anniversary application tax accountability of $1,000 or less. The IRS mailed notification belletrist amid Feb. 1 and Feb. 15, 2006, to acceptable baby administration for agenda year 2006. Administration who do not accept a letter and accept they are acceptable to book the new Anatomy 944 can alarm the IRS at (800) 829-0115 to acquisition out if they qualify. Taxpayers should acquaintance the IRS by April 1, 2006. However, Anatomy 944 does not administer to Schedule H or Anatomy 943 filers.
Q: If an employer accustomed a letter, does he accept to use the 944 instead of the 941?
A: Designated 944 filers who accept their business will abound to a absolute anniversary tax accountability of added than $1,000, or those who adopt to electronically book Anatomy 941 instead, should acquaintance the IRS no after than April 1, 2006 to be re accustomed as a Anatomy 941 filer for agenda year 2006.
Q: What if addition affairs on filing Anatomy 944 but again his amount accidentally grows above the 944 limits?
A: Administration whose businesses abound during the year and whose tax accountability is $2,500 or added will charge to accomplish Federal Tax Deposits (FTD) in accordance with the drop rules to abstain any FTD penalties. They will still book Anatomy 944 for the year.
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