Bookkeeping & Write-up
What Is The Tax Liability Deposit Threshold Amount That I Must Deposit Money In The Bank Instead Of Paying The Amount With My Quarterly 941 Payroll Reports ?
If the tax liability for a quarter is less than $2,500, it may be paid with the quarterly filing of Form 941. If the withholding is $2,500 or more, then it must be deposited on either a monthly or semi-monthly basis. The IRS will notify you each November as to whether you are a monthly or semi-monthly depositor. The IRS uses a one year look back period ending the preceding June 30th.
Note If you need professional help with "Bookkeeping & Write-up" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.