FUTA Tax Over $500
My FUTA tax went over $500 in the third quarter. I know I need to make a payment on this by the end of October. However, my QuickBooks only allows me to do this annually. What should I do, or where would I get the proper return to file?
Hi Stacy, great question. The reason QuickBooks only allows you to file form 940 annually is because that is when it is due, once a year. However, payments should be made throughout the year. You can make a payment (without filing the return) through the IRS Electronic Payment Processing System called EFTPS. You will need to register first so I have included the link below so that you can sign up to make your payments online.
Best of luck,
Crystalynn Shelton, CPA