ITG FAQ #8 Answer-How are funds reported on Form 945, Annual Return of Withheld Federal Income Tax, actually deposited? |
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If the total taxes for the year are less than $2,500, they are submitted with the timely filed return using Form 945-V, Payment Voucher. There is an exception for taxes over $2,500 for monthly depositors who follow the Accuracy of Deposits rule found in section 11 of Publication 15, Circular E, Employer's Tax Guide. Otherwise, deposits are required to be made on a monthly or semi-weekly schedule at an authorized financial institution or by electronic funds transfer.
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Page Last Reviewed or Updated: November 20, 2008