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Form 944 is a mandatory annual filing required by the IRS for certain employers. This document serves as a tool for both employers and the IRS to monitor the annual amounts owed to the federal government in terms of income tax and Federal Insurance Contribution Act (FICA) tax.
FICA taxes, encompassing Social Security and Medicare contributions, are divided equally between employers and employees. On Form 944, businesses report not only the income but also the Social Security and Medicare taxes withheld from employee paychecks.
Additionally, businesses specify their own contribution to these taxes, providing an overview of their annual obligations to the federal government.
Employers with minimal obligations (those whose yearly responsibility for social security, Medicare, and withheld federal income taxes amounts to $1,000 or less) will now submit and settle these taxes annually instead of on a quarterly basis.
Businesses of all sizes, from small startups to established enterprises, can leverage the comprehensive federal filing support offered by Tax1099.
To submit your Form 944 to the IRS, it is mandatory to affix your signature using an Online Signature PIN.
Tax1099 offers support for filing Form 944 for the Current and two previous tax periods.
The March 3rd deadline is approaching! e-File 1095-B & 1095-C now to stay IRS-compliant.