Small business owners should review the rules for filing two commonly-used employment tax returns. The two forms are:
Small business owners should remember these two forms are not interchangeable. A small business files one or the other. The employer should never flip-flop between the two forms on their own, and should always file in accordance with their designated filing requirement.
Here are some more details about these two forms. This will help business owners understand the differences between them:
Form 944, Employer’s Annual Federal Tax Return
Form 941, Employer’s Quarterly Federal Tax Return
If a taxpayer’s not sure which form they should file, they can call the IRS at 800-829-4933 or 267-941-1000.
IRS YouTube videos:
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