How do I make a payment with Form 945?

You can make a payment with Form 945 by including a check, money order, or credit card information on Form 946, Payment Voucher for Liability in Lieu of Opening Balance Account or For Deposit Account or For Transfer to Another Account. The payment should be made payable to the 'United States Treasury.' If you're reporting and paying federal income tax withheld, you may also choose to deposit your payment electronically using the Electronic Federal Tax Payment System (EFTPS) or through Direct Debit.

What is the deadline for filing Form 945?

Generally, Form 945 must be filed annually by January 31 if you are required to make backup withholding or report information on payments made during the previous calendar year. If you're reporting and paying federal income tax withheld, you must file Form 945 quarterly. However, if you're a small payer (i.e., you've had $1 million or less in gross payments during the preceding calendar year), you may choose to file an annual return instead.

What information do I need to provide when filing Form 945?

When filing Form 945, you must provide the following information: 1) your name, address, and EIN or SSN; 2) the total amount of withheld income tax for each type of payment during the calendar year; 3) the total number of payments made during the calendar year for each type of payment; 4) the total amount paid to each recipient, if you're reporting backup withholding; and 5) your signature or that of an authorized individual.

What are the penalties for not filing Form 945?

There are various penalties for not filing Form 945 on time, including: 1) a failure-to-file penalty of up to $20 for each day the return is late; 2) a failure-to-pay penalty of up to 1% per month on the unpaid tax; and 3) criminal penalties if you intentionally disregard the requirement to file Form 945. However, there are some exceptions to these penalties for reasonable cause.

Who is required to file Form 945?

Form 945 is used by taxpayers to report federal income tax withholding and backup withholding on various payments, including interest, rents, annuities, gambling winnings, prizes, awards, and other income. Generally, you're required to file Form 945 if you are a: 1) corporation, partnership, or S corporation that has withheld federal income tax from wages paid to nonresident alien employees; or 2) withholding agent that is required to backup withhold on payments made to a person who hasn't provided a valid Taxpayer Identification Number (TIN).

What is backup withholding?

Backup withholding is a process where a withholding agent (such as a bank or paying agent) is required by the Internal Revenue Service (IRS) to withhold federal income tax from payments made to individuals who haven't provided a valid TIN. The IRS may also require you to backup withhold if you know or have reason to believe that an individual isn't entitled to a payment and that it should be subject to federal income tax withholding.

Form 945

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Annual Return of Withheld Federal Income Tax

Rev. 2023

Form 945 is an annual return of withheld federal income tax for pensions, annuities, IRAs, gambling winnings, etc. Reported on this form are the total amount of federal income tax withheld during the year from the wages, salaries, and tips of nonresident aliens and from certain other types of income.

Instructions

Form 945 Instructions - Instructions for Form 945, Annual Return of Withheld Federal Income Tax

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FAQ

How do I make a payment with Form 945?
You can make a payment with Form 945 by including a check, money order, or credit card information on Form 946, Payment Voucher for Liability in Lieu of Opening Balance Account or For Deposit Account or For Transfer to Another Account. The payment should be made payable to the 'United States Treasury.' If you're reporting and paying federal income tax withheld, you may also choose to deposit your payment electronically using the Electronic Federal Tax Payment System (EFTPS) or through Direct Debit.
What is the deadline for filing Form 945?
Generally, Form 945 must be filed annually by January 31 if you are required to make backup withholding or report information on payments made during the previous calendar year. If you're reporting and paying federal income tax withheld, you must file Form 945 quarterly. However, if you're a small payer (i.e., you've had $1 million or less in gross payments during the preceding calendar year), you may choose to file an annual return instead.
What information do I need to provide when filing Form 945?
When filing Form 945, you must provide the following information: 1) your name, address, and EIN or SSN; 2) the total amount of withheld income tax for each type of payment during the calendar year; 3) the total number of payments made during the calendar year for each type of payment; 4) the total amount paid to each recipient, if you're reporting backup withholding; and 5) your signature or that of an authorized individual.
What are the penalties for not filing Form 945?
There are various penalties for not filing Form 945 on time, including: 1) a failure-to-file penalty of up to $20 for each day the return is late; 2) a failure-to-pay penalty of up to 1% per month on the unpaid tax; and 3) criminal penalties if you intentionally disregard the requirement to file Form 945. However, there are some exceptions to these penalties for reasonable cause.
Who is required to file Form 945?
Form 945 is used by taxpayers to report federal income tax withholding and backup withholding on various payments, including interest, rents, annuities, gambling winnings, prizes, awards, and other income. Generally, you're required to file Form 945 if you are a: 1) corporation, partnership, or S corporation that has withheld federal income tax from wages paid to nonresident alien employees; or 2) withholding agent that is required to backup withhold on payments made to a person who hasn't provided a valid Taxpayer Identification Number (TIN).
What is backup withholding?
Backup withholding is a process where a withholding agent (such as a bank or paying agent) is required by the Internal Revenue Service (IRS) to withhold federal income tax from payments made to individuals who haven't provided a valid TIN. The IRS may also require you to backup withhold if you know or have reason to believe that an individual isn't entitled to a payment and that it should be subject to federal income tax withholding.

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ABOUT

Internal Revenue Service (IRS) Forms

Form 945 is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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