For PayWow to file federal tax returns for your business, you need to provide your federal tax details. These details include the Federal Deposit Schedule and the type of federal tax return form that the business files.
For an overview of how to set up an account with PayWow, click here.
Here’s how to complete federal tax info:
- Go to Settings >> Tax Compliance Settings >> Federal Tax Setup.
- Select Company Type.
- Depending on Company Type, choose the category under which the business will be taxed as:
- For C Corporation, choose S Corporation or C Corporation.
- For LLC, choose S Corporation or LLC.
- For an Exempt Organization other than a church, choose whether the business is exempt from FUTA.
- Choose the Federal Filing Form based on whether the business files a federal tax return Quarterly (941) or Annually (944).
- Choose the Federal Deposit Schedule as Semiweekly or Monthly based on the notice received from the IRS.
- Click Save.
Note: If you receive any tax notices from the IRS on changes in deposit schedules in the future, you'll have to update the changes in PayWow.