Deposits On Schedule, Returns Filed Every Quarter
The tax you hold back from each paycheck is held in trust for the government from the moment it's withheld. It gets deposited on time, reported every quarter and matched to your payroll before anything is filed.
Payroll Tax Filing Services In Homestead, FL
Plenty of owners who run their own payroll get the paychecks right and the filings wrong. The tax comes out of every check, but the deposit goes in late, or a quarter's return never gets filed during a busy season. That usually comes with books that have fallen behind too, the most common reason owners call this office in the first place.
Our payroll tax filing services cover the federal side of every run: income tax withheld, Social Security and Medicare from both the employee and the employer, and federal unemployment tax. Deposits are made on time, Form 941 filing happens every quarter and Form 940 filing happens once a year. It's one part of our payroll services in Homestead, FL, and it works best when your weekly or bi-weekly payroll processing runs here too, so each deposit is figured from the run itself.
Alex reviews every quarter against the payroll register and the bank before it goes in, and the same wage records feed your Florida reemployment tax reports.
Every Federal Payroll Filing On Your Calendar
Each item below is handled for you and checked against the payroll register before it's submitted.
- Federal tax deposits made on the monthly or semiweekly schedule the IRS assigns to your business
- Form 941 filed for each quarter by April 30, July 31, October 31 and January 31
- Form 940, the annual federal unemployment tax return, filed by January 31
- Each 941 reconciled to the deposits actually made during the quarter
- Payroll taxes posted to QuickBooks Online or QuickBooks Desktop so the books show what was paid
- Year-to-date totals kept in line with the W-2s that go out in January
- Copies of every return and deposit confirmation kept for your records
When Past Quarters Were Never Filed
Unfiled payroll returns don't fix themselves, and late-filing and late-deposit penalties keep growing the longer a quarter stays open. Filing late still beats not filing.
The catch-up starts with what you have: bank statements, whatever pay records exist and copies of anything already filed. Each missing quarter is rebuilt, the 941s and any missing 940s are prepared and filed in order, and the deposits that should have been made are accounted for. After that, the next quarter is filed on time like any other.
Payroll that's behind usually means the books are behind as well, and catch-up bookkeeping can run alongside the payroll filings so both end up current at the same time.
Questions About Form 941 And Form 940
What's the difference between Form 941 and Form 940?
Form 941 is the quarterly return that reports federal income tax withheld from wages plus the Social Security and Medicare taxes for the quarter. Form 940 is filed once a year and covers federal unemployment tax, which the employer pays and doesn't withhold from employees. Most employers file both.
Doesn't the payroll software file these automatically?
Gusto can submit deposits and returns, but it files whatever it's given. An employee set up with the wrong withholding, a voided check or wages paid outside the system can make a return wrong without anyone noticing. Each quarter is reviewed against the payroll register and the bank before it goes, so the numbers agree.
What happens if a deposit is late?
Late deposits bring IRS penalties and interest, and the longer one stays late, the more it costs. The fix is to make the deposit as soon as the shortfall is found and put every later deposit back on the right schedule. Keeping deposits on time from the first run is the whole point of this service.
Does an S-Corp owner on payroll need 941s too?
Yes. An S-Corp owner who takes a reasonable salary through payroll is paid as an employee of the corporation, so that salary shows up on the 941 every quarter, even when the owner is the only person on payroll. A monthly owner payroll keeps those filings simple.
Get Every Quarter Filed And Current
Bring the last 941 you filed, if you have one, and a rough idea of which quarters are open. You'll hear what it takes to get current and stay there.