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FAQ

What tax form will a newly incorporated start-up need to file with no revenue or payroll?

As a corporation, you need to file Form 1120 (U.S. Corporation Income Tax Return) on an annual basis regardless of whether you have revenues or employees. From the Form 1120 instructions:Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return.When 1120 is due is based on your corporation's tax year:Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved.Because you don't have any employees, you don't need to file Form 941 (or state equivalents) unless you have already filed Form 941 previously.You can find the full instructions to form 1120 here:http://www.irs.gov/pub/irs-pdf/i...

If you choose not to use a payroll service what do you have to do to correctly and legally pay one employee?

Preparing your own payroll can be easily handled, if you know and understand the requirements of the IRS and your state.  To learn what is required by the  IRS, I would recommend you read Publication 15 on the IRS website (http://www.irs.gov/pub/irs-pdf/p...). Publication 15 tells you about the taxes you need to withhold from an employee's paycheck.  It also discusses the payroll taxes that need to be paid and when those due dates are.  Additionally, it discusses Form 941, which must be filed each quarter.To learn the requirements for your state, search the internet for your state Department of Revenue.  They will have a similar publication which will show how much to withhold for state income taxes (assuming you live in a state that has state income taxes).  You will have to report the wages you pay to your employee to the State each quarter.Additionally, you should be aware there are also federal and state unemployment taxes that the employer is required to pay.  Again, you will need to check with your state to determine the state filing requirements.  The federal payment requirements are covered in Publication 15.I have seen many small employers receive large penalties from various government agencies for not paying and/or filing payroll taxes and payroll tax returns in a timely manner.  The penalties can have a huge, negative impact on your business.  If you find yourself not understanding the payroll tax returns that need to be filed each quarter or find that you do not have to time to get them prepared on time, hire a professional!  The cost to hire someone to help you can be far less than the penalties imposed.

What do I enter on form 941? I just incorporated a C Corp on the 23rd of March so I don’t have any employees, and obviously the first quarter is ending.

you incorporated on 3/23/17? did you indicate when you would first have payroll? did you file with your state unemployment division [each state has different rules]. if you indicated ‘banking purposes only’ when you got your EIN, there is no requirement to file. BUT if you checked the ‘hired employees’ when you got your EIN OR if it popped up that you must file an 1120 and 941/940, then you have to do it.i would file an all zero return, to be safe. BUT once you file, you will have to file EVERY quarter even if you don’t hire anyone for a years.now. the state. states are a b*tch if you fail to file. they have mandatory penalties and states do not play. so wherever you are, call that unemployment office or reemployment office, employer division and ask them how to proceed. FYI, i have found texas to be the nicest, most competent, state to deal with. the Florida DOR is overworked and often underqualified. California and New York? first you have to call the right office…

When is the 2nd quarter deadline to file a Form 941?

Form 941 must be filed four times per year on the last day of the month following the end of the quarter.First Quarter: (January -March) Filing Deadline: April 30th, Second Quarter: (April- June) Filing Deadline: July 31st, Third Quarter: (July - September) Filing Deadline: October 31st, Fourth Quarter: (October - December) Filing Deadline: January 31st.

I just signed up to file Form 941 and came across "PTIN". What's that?

The Preparer Tax Identification Number (PTIN) is the number issued by the Internal Revenue Service to the enrolled agents and tax return preparers to use, so they do not have to disclose their Social Security number (SSN) on the returns they prepare.[1]Footnotes[1] E-file Form 941 for $4.95

Is it necessary to file an IRS Form 941 by mail if the quarterly payment is made via EFTPS?

Yes. You need to file the tax return that accounts for the quarterly payment(s).

What is the penalty for failing to file an IRS Form 941 2018?

The penalties are for not paying the 941 tax on time according to the payment schedule, which depends on the amount of tax. Small companies may be required to pay only quarterly or monthly, but larger companies have payments due within 3 business days after every payroll. The penalties depend on how late the payments are, bit they go up rapidly, and can be 100% if there is no payment.There is often no penalty for not filing the 941 on time if the payments have been made, but the IRS will be sending you a lot of mail to get it filed.
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