IRS Reporting

Employers are required to file various reports at the end of the year. Much of this has to do with the fact that you have employees. Talking to the city or county person in charge of payroll might be helpful. S/he has probably been through this process and can give you some tips and pointers. In general you have probably been filing Form 941 for the IRS. This is a quarterly form where you report the number of employees, their wages, and their withholding amounts for federal income tax, Medicare, and Social Security. However if the IRS has notified you in writing to use Form 944 you will do this at the end of the year. The IRS may do this if you are considered a small employer.

You also have to create a W-2 and W-3 form for each employee. The W-2 form is the form that employees use to file their federal taxes. The W-3 form is an internal form that is used to transmit the information from the W-2 form to the Social Security Administration. These forms are completed through the Social Security Administration's website.

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