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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3854
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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We are using quickbooks to file our monthly, quarterly and

Resolved Question:

We are using quickbooks to file our monthly, quarterly and yearly taxes for our business however we wanted to ensure we have the correct information. The system is generating four checks each quarter one for the G-7 form for withholding at the Georgia Dept of Revenue, One for form 941 to the IRS, One for the Georgia DOL, and another check to the IRS for federal unemployment which isn't a large amount but there isn't a form listed that it needs to be filed with. We are an S-corp and have been accepted as one. (We were previously a partnership-LLC) Are we missing a form? For the end of the year taxes we send out 1099's to our contractors and W2's for our Employees we did that for last year (2012) however filed for an extension for our yearly. What forms are needing to be completed for the annual taxes? Just the form 1120S? Or are their additional forms?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Hi,

NPVAdvisor :

ON the federal side, yes, just the 1120_s

NPVAdvisor :

You'll also need the GA s-Corp return 600-S

Customer:

Are there also end of the year forms that need to be completed for the state of Georgia for an S-Corp?

NPVAdvisor :

Yes, that's this one 600-S

Customer:

So those two should be the only two that needs to be completed, correct?

NPVAdvisor :

That's it .. most until products do the state 600 right off the federal

NPVAdvisor :

sorry Intuit

NPVAdvisor :

The federal unemployment is 940

Customer:

Oh okay, the other thing we were confused about was the forms and payments that QuickBooks were generating. The one check it is generating was for the IRS for Federal unemployment but it wasn't producing a form to send it with. The 941 we show as quarterly and the 940 for annual. It is producing checks for quarterly for unemployment (federal) but it isn't allowing us to do a form 940 quarterly just annually.

NPVAdvisor :

The 940 is an annual form ...

Customer:

So why would it be generating a quarterly payment if we only file the 940 annually?

NPVAdvisor :

Part 5 lets you pu the amounts paid quarterly, but the form is only filed annually

Customer:

So just send them payment in and not include a form?

NPVAdvisor :

Some employees don't always have a liability every quarter

NPVAdvisor :

employeRs

NPVAdvisor :

that's correct

Customer:

Just send the check in with the account/EIN number on the check?

Customer:

Perfect, Thank you very much for your help. I appreciate it.

NPVAdvisor :

one more thing... you probably already have this

NPVAdvisor :

FUTA tax deposit rules. Generally, you must deposit your federal unemployment taxes on a quarterly basis. However, if your quarterly FUTA tax liability is $500 or less, you don't have to deposit it. Rather, you may carry it forward and add it to your FUTA liability for the next quarter. If your liability for the last quarter of the year (plus any undeposited amounts from prior quarters) is $500 or less, you have the option of either depositing the tax or remitting it with your annual return.


Assuming your quarterly FUTA tax liability is more than $500, you must make your quarterly FUTA deposits by the last day of the month that follows the end of each quarter:

























Ending date of quarterDeposit due date
March 31April 30
June 30July 31
September 30October 31
December 31January 31
NPVAdvisor :

You're welcome:


If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Customer:

Great, I think that covers it. You were a lot of help. Have a great afternoon.

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3854
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Thank you very much.

Have a good one

Lane

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