Preferred, Here Are Your Articles for Wednesday, June 13, 2018
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Is This Your Situation: Managing Tax Rules for Part-Time or Seasonal Help

 

As an employer, you normally have to file a quarterly Form 941 to report your employees' wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social Security and Medicare taxes you must file Form 941, although there are some exceptions.

However, seasonal employers don't have a Form 941 for quarters where no wages have been paid and, therefore, there is no tax liability. You will find a line on Form 941 that lets you check a box noting that you are a seasonal employer and thus will not have to file a return for every quarter of the year.

The preprinted label on Form 941 doesn't include the date the quarter ended. You need to enter it yourself when you file the return. The IRS doesn't inquire about unfiled returns if at least one taxable return is filed each year. However, you need to check the seasonal employer box on every Form 941 you file.

Some businesses often need to hire workers on a seasonal or part-time basis for help with things like sporting events, holidays, harvest season or commercial fishing. You even may hire temporary help for fireworks stands. Seasonal work is especially common in the hospitality industry. The IRS also has special guidance on independent contractors and employees, and there are detailed rules for farm workers.  

You are required to keep good records so that you can file accurate returns. It's a good idea to keep all receipts, payment information and tax data in one location to make filing your taxes easier.

Do you have part-time or seasonal workers? Give us a call today and we'll help make sure you're on track with state and federal taxing authorities, and work with you on setting up a record system to keep track of your staff—both permanent and seasonal.

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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