IRS BURDEN REDUCTION INITIATIVE Form 941 Annualization Project - Employers’ Annual Federal Tax Program (Form 944) Project Overview.

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Presentation transcript:

IRS BURDEN REDUCTION INITIATIVE Form 941 Annualization Project - Employers’ Annual Federal Tax Program (Form 944) Project Overview

2 Project Purpose To reduce burden on small business taxpayers by establishing new rules and processes that will allow certain employers to file their Employment Tax (ET) returns annually, as well as pay the ET tax due with their return.

3 History of 941 Annualization Originates from work with the Redleaf National Institute. Annualization of Form 941 has been studied numerous times in the past.

4 Estimated Project Timeline Project team work began November 2003 Preliminary analysis started August Target program implementation date is January 2006, with the first return due January 31, 2007.

5 Program Participation Criteria Targeted Taxpayers Mail Notification by IRS Other Qualifiers

6 Program Participation (cont) This group of employers must file a Form 944, Employer’s Annual Federal Tax Return and pay their annualized employment tax liability by 1/31 each year. This return will cover the preceding calendar year’s Employment Tax period. These employers will not file any Form 941s. Taxpayers who believe their business will grow and may owe more than $1000 in total ET or who wish to continue electronically filing and paying Forms 941 quarterly should contact the Service to be changed back to a 941 filing requirement.

7 Program Participation (cont.) Events that will make the employer ineligible for annual filing in a subsequent year: Employer exceeds currently proposed threshold amount of $1,000 Employment Tax liability per year. Compliance determines the TP must file on a quarterly basis (941). In both cases the taxpayer will be notified of the change.

8 Program Participation (cont.) Note: If the taxpayer’s business grows during the year and their total tax liability exceeds $2,500 (approximately $10,000 in wages), they will need to make Federal Tax Deposits (FTD) in accordance with the current FTD guidelines.

9 Significant Benefits of Annualizing Form 941 (new Form 944) Taxpayer Burden Reduction Initiative Taxpayers can file a single return with payment. An estimated 1 million (17%) of the approximately 6 million Form 941 filers are eligible. Taxpayer Burden is significantly reduced.

10 Project Contact Kathy J. Welsh, Technical Project Manager, Office of Taxpayer Burden Reduction –Phone: (630) –