| IRS Tax Forms - Explanations and Significance IRS Forms Significant to Business, Employers, Employees, Families and Trust
Form I-9 Employment Eligibility Verification
Form I-9 Compliance provides the newest, most efficient methods of responding to the federal Immigration Reform and Control Act and enables employers to easily conduct legal right to work Form I-9 employment verifications on new employees.
Form I-9 Compliance is the first federally-approved Designated Agent of the Department of Homeland Security and the Social Security Administration.
Form SS-4 Application for Employer Identification Number:
For use by employers, estates, corporations, partnerships, trusts, churches, government agencies, Indian Tribal entities, certain individuals and others.
Form SS-8 Determination of Worker Status for Purposes of Federal Withholding Taxes and Income Tax Withholding.
Firms, businesses, organizations, enterprises, individuals, states and other entities use IRS Form SS-8 to request a determination of the status of a worker for purposes of federal employment taxes and income tax withholding.
Form W-2 Employee Wage & Tax Statement
When a person is paid on the Form W-2, the employer automatically withholds and pays all of the necessary employee income taxes as required by the IRS. These taxes include: Federal Income Tax, State Income Tax, and FICA (Social Security and Medicare). In addition, the employer will pay all of the necessary employer taxes. These taxes include: FICA (Social Security and Medicare), FUTA (Federal Unemployment Tax), and SUI (State Unemployment Tax). Form W-2—the Annual Statement of Taxes Withheld—must be sent to all employees before January 31 of the following year. It details how much each employee received in wages and how much was withheld for taxes over the course of the year.
Form W-2C Corrected Wage & Tax Statement
Employers must submit IRS Form W-2c if there are changes in an employee’s Form W-2 information.
Form W-3 Employers Transmittal of Wage & Tax Statements
Employers must file (4) different reports during the year regarding payroll taxes. Form W-3 is the third report to be filed annually and must be sent to the IRS by February 28 of the following year. It provides a formal reconciliation of the quarterly tax payments made on Form 941 and the annual totals reported on Form W-2 for all employees.
Form W-3C Transmittal of Corrected Wage & Tax Statements
File this form as soon as possible when you have discovered errors in Forms W-2c, W-2, W-2AS, W-2GU, W-2CM.
Form W-4 Employees Withholding Allowance Certificate. The form the employee files with an employer to calculate the amount of tax to withhold from the employee’s pay. A new Form W-4 may be filed anytime the tax situation changes. An employee may choose to have more or less tax withheld.
Form W-4P Withholding Certificate for Pension or Annuity Payments
Form W-4P is for citizens and residents who are recipients of pensions, annuities, including commercial annuities, and certain other deferred compensation. Use this form to tell payers whether you want any income tax withheld and on what basis.
Form W-5 Earned Income Credit Advance Payment Certificate
Use Form W-5 if you are eligible to get part of the earned income credit (EIC) in advance with your pay and choose to do so. (EIC) is a credit for certain workers. It reduces the tax you owe. It may give you a refund even if you do not owe any tax.
Form W-2C Corrected Wage & Tax Statement
Employers must submit IRS Form W-2c if there are changes in an employee’s Form W-2 information.
Form W-3 Employers Transmittal of Wage & Tax Statements
Employers must file (4) different reports during the year regarding payroll taxes. Form W-3 is the third report to be filed annually and must be sent to the IRS by February 28 of the following year. It provides a formal reconciliation of the quarterly tax payments made on Form 941 and the annual totals reported on Form W-2 for all employees.
Form W-3C Transmittal of Corrected Wage & Tax Statements
File this form as soon as possible when you have discovered errors in Forms W-2c, W-2, W-2AS, W-2GU, W-2CM.
Form W-4 Employee's Withholding Allowance Certificate The form the employee files with an employer to calculate the amount of tax to withhold from the employee’s pay. A new Form W-4 may be filed anytime the tax situation changes. An employee may choose to have more or less tax withheld.
Form W-4P Withholding Certificate for Pension or Annuity Payments
Form W-4P is for citizens and residents who are recipients of pensions, annuities, including commercial annuities, and certain other deferred compensation. Use this form to tell payers whether you want any income tax withheld and on what basis.
Form W-5 Earned Income Credit Advance Payment Certificate
Use Form W-5 if you are eligible to get part of the earned income credit (EIC) in advance with your pay and choose to do so. (EIC) is a credit for certain workers. It reduces the tax you owe. It may give you a refund even if you do not owe any tax.
Form W-9 Request For Taxpayer Identification Number and Certification (with Instructions) An IRS form, also known as "Request for Taxpayer Identification Number and Certification," which is used by an individual defined as a "U.S. person" or a resident alien to verify his or her taxpayer identification number (TIN)
Form 940 Employer’s Annual Federal Unemployment Tax Return (FUTA)
Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. The FUTA tax applies to the first $7,000 paid to each employee during the calendar year after subtracting any exempt payments.
Form 940 EZ Employer’s Annual Federal Unemployment Tax Return
Important Information: Redesigned IRS Form 940 replaces previous Form 940 and Form 940-EZ. The IRS has replaced both Form 940-EZ and Form 940 with a new simplified Form 940. If you filed Form 940-EZ before, you must now use the new, redesigned Form 940.
Form 941 Employer’s Quarterly Federal Tax Return
Employers must file four (4) different reports regarding payroll taxes. The first report, Form 941, is the Employer's Quarterly Federal Tax Return. This report details the number of employees the business had, the amount of wages they were paid, and the amount of taxes withheld for the quarter. The other three reports are filed annually. Every three (3) months, or (4) times/year, employers must file Form 941.
Form 941 EZ Payroll Tax Forms
Form 941, Schedule B Report of Tax Liability for Semi-weekly Schedule Depositors Employers are required by law to withhold taxes from their employee’s paycheck, and each time they pay wages they must withhold a certain amount of money for federal income tax, social security and Medicare tax. Under the withholding system, taxes withheld from employees are credited to them in payment of their tax liabilities.
Form 941C Supporting Statement to Correct Information
This is an addendum form attached to and filed with the return for the period ending (month) (year).This form is used when a correction must be made to a previously submitted form.
Form 943 Employer’s Annual Federal Tax Return For Agricultural Employees
Employers who hire agricultural workers should file Form 943 with the IRS.
Form PC Division of Public Charities Annual Report Form
Organizations that file IRS Form 990 or 990EZ or 990PF with the IRS must attach a completed copy of the same return (including Schedule A) to the Form PC file with the Division of Public Charities.
Forms 990 & 990EZ
Organizations, such as non-profits, not-for-profits and private foundations, which are not required to file a federal return with the IRS or a probate account with the probate court, must nevertheless file with the Division of Public Charities a completed federal Form 990 or 990EZ
Form 990-PF Return of Private Foundation or Section 47(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation
The Annual Report Form for Private Foundations and Trusts Analysis of Revenue and Expenses
Form 1040 Estimated Tax For Individuals General name of the form used to file taxes payable to the federal or local government. Included on the tax return are such items as gross income, allowable deductions, tax credits, and tax due. Individual taxpayers file on a calendar-year basis using Form 1040, which is due 31⁄2 months after the tax year. Corporations can file Form 1120 on a calendar-year or fiscal-year basis. It is due 21⁄2 months after the tax year. Tax returns are also prepared for partnerships (Form 1065), estates (Form 706), and gifts (Form 709).
Form 1040ES
Since they do not receive an ordinary salary, the owners of sole proprietorships and partnerships are not required to withhold income taxes for themselves. Instead, they are required to estimate their total tax liability and remit it to the IRS in quarterly installments, using Form 1040 ES.
Form 1040, Schedule H Household Employment Taxes
You must file this form if you paid a member of your household more than $1,500 a year. Household members can be: children under age 21, parents, or anyone under age 18.
Form 1065 Partnership Statement of Income
Partnerships must file the informational Form 1065 (Partnership Statement of Income) with the IRS, and then report the amount of income that accrued to each partner on Schedule K1
Form 1098 Proof of Mortgage Interest
IRS Form 1098 is sent out at the end of each calendar year by mortgage companies and banks as proof of interest that was paid on outstanding loans in their inventory. One form is prepared annually for each person who has a loan with the bank or mortgage company.
Form 1099-MISC Independent Contractor Filing Form Form used to report payments made in the course of a trade or business to another person or business who is notan employee. By definition the IRS states that an Independent Contractor must have total control over where they work, when they work and the manner in which they work. The person or business paying for the IC’s services must in no way have control over the Independent Contractor’s performance of duties.
Forms 1120 & 1120A Corporation Filing Forms
At the end of their tax year, corporations file either Form 1120, the U.S. Corporate Income Tax Return, or the shorter Form 1120A. If they expect to owe taxes, corporations are required to make quarterly estimated payments, like other businesses.
Form 4506-T Request For Transcript of Tax Returns
Purpose: To request tax return information. Under certain circumstances, you can petition the IRS to designate a third party to receive the information.
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