12.9 File Annual Returns and Issue W-2 Forms Because state and federal regulations can change, please confer with your accountant to verify the requirements for your annual filings. Below are examples of returns to be filed annually. 12.9.1. FUTA Tax Return (Form 940) By January 31st of the following year, you must file the annual FUTA Tax Return (Form 940). If you have made your quarterly 940 deposits correctly, you need not include payment with this return. If any payment is owed, it must be included. 12.9.2. Federal Income Tax (Employer) An annual income tax return must be filed for your business. The legal form chosen for your business determines the type of return. Check with your accountant for details. This is an area where it really pays to use the services of an accountant. 12.9.3. State and Local Returns Returns may be required by your state or locality. Check with your accountant for the applicable regulations, forms, and filing dates. 12.9.4. Issuing W-2 Forms You must give each of your employees an annual statement of gross earnings and taxes withheld on Form W-2. You must also give copies of these forms to the appropriate governmental authorities. NOTE : The amounts reported on Form W-2 are amounts paid in a given calendar year. If you pay an employee on January 1, 2013 for work done in 2012, it should be included on Form W-2 for 2012. 12.9.4.1. For Employees Each person whom you employed for any portion of a calendar year should receive a Form W-2 from you. They should normally receive three copies (for Federal and State returns and a copy for their records), but check with your accountant to make sure. These must be sent to employees no later than January 31st of the following year. 12.9.4.2. For the Federal Government Copies of all W-2 forms issued to employees must also be filed with the IRS. The W-2 forms are filed together with a Form W-3 attached. Form W-3 contains totals of the fields on all the W-2 forms and serves as a control document. This information must be mailed to the regional IRS office for your state by February 28 of the following year.
MOLLY MAID General Operations Manual Copyright 2015, Molly Maid, Inc.
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