Federal Tax Deposits

In October the IRS determined your deposit requirement for 2007 from the total taxes you reported on your Forms 941 for the previous four quarter lookback period.

This time year certain employers will receive from the IRS a letter explaining their tax payment responsibilities for the coming year.  If your business grew or you paid out some large bonuses your business may be required to change it’s Federal Deposit requirements that are reported on IRS form 941. Are you paying monthly now and moving to a semi-weekly schedule? One of the benefits with working with a PEO like StaffScapes is that this payment schedule falls on the shoulders of the PEO. Your business will no longer receive these type of employment letters from the IRS. If you are not using a PEO or payroll service company check out the IRS publication below to learn more. To eliminate this liability contact StaffScapes at 303-466-7864.

IRS Form 931

Deposit Requirement for Employment Taxes