Monday, March 30, 2009

1st Quarter 941 Form

The time has already come to be thinking about the Employer's Quarterly Federal Tax Return (Form 941). Employer's are required to report wages paid, tips received by employees, federal income tax you have withheld, both the employer's and employee's Medicare and Social Security taxes withheld, your current quarter's adjustments to social security and Medicare taxes for fraction of cents, sick pay, tips, group-term life insurance, advanced earned income tax credit payments and credit for COBRA premium assitance payments. The COBRA premium assistance payments box is new to the 941 this quarter. The 941 form is due April 30, 2009 and includes payroll from Jan, February and March.

Employers whom are still calculating withholding taxes and generating their federal forms manually could save vast amounts of time and energy by using a Payroll Software. The IRS has changed the federal income tax tables due to the The American Recovery and Reinvestment Act of 2009 (The Stimulus Package) and ,as stated above, the 941 form. This may be the perfect time for employers to invest in a Payroll Program that could make this transition painless.

I am a small business owner and have been using this particular payroll software for almost a year now. I am continually impressed by this software and the support I get from the company.Payroll Mate has been completely updated (tax tables and 941 form) and frequently sends new updates, for the year, at no additional cost.

 Please try a free download of the payroll software 

Monday, March 23, 2009

W2/1099 Electronic Filing Deadline

The deadline for electronically filing W2 and 1099 forms is nearing. Per IRS and SSA regulations any person/s required to file 250 returns or more must file those returns electronically. Others with less than 250 returns may also choose to electronically file their returns.

For the tax year 2008 the deadline to E-File your W2 and 1099 Misc forms is March 31, 2009. In order to E-File a return you must have a software that generates an electronic file that meets IRS/SSA specifications.

W2 Mate offers a complete solution for importing, preparing, processing, printing and E-Filing 1099 and W2 forms. This W2/1099 form printing and reporting software supports an unlimited number of companies, employees, recipients and forms.

You can download a free demo version of the software at http://www.realtaxtools.com/download.html

Monday, March 16, 2009

Form 941 Changes

The federal government has changed the 941 form. With the stimulus package income tax changes the form 941 has changed to accommoate the COBRA payments. The COBRA premium payment assistance payments are reflected on box 12a. Box 12b reflects the number of individuals provided COBRA premium assistance. Box 13 has been added, this box will be filled with the total from boxes 11 and 12a. The value of box 12b will not affect the values in boxes 13, 14 or 15.

The other change is with box 7. Box 7 now includes this quarter's adjustments only which are 7a, 7b and 7c. This means adjustments 7d, 7e 7f and 7g no longer exist on the form.

The Payroll Software I use, Payroll Mate, has updated the 941 form. The three new boxes 12a, 12b and 13 have been added to part 1of the 941 form. Payroll Mate calculates box 13 from boxes 11 and 12a. However, Payroll Mate does not calculate the values of boxes 12a and 12b the user inputs the values. Payroll Mate will reflect the value of both boxes on the printed form.

My Payroll Program has been updated to reflect the income tax changes of the The American Recovery and Reinvestment Act of 2009.

You can download a free demo version of the program at http://www.realtaxtools.com/Downloads/PayrollMateSetup.exe