PTIN Seal

Bookkeeping & Write-up

  1. PTINdirectory
  2. Tax Knowledge Database
  3. Bookkeeping & Write-up
  4. What is the tax liability deposit threshold amount that I must deposit money in the bank instead of paying the amount with my quarterly 941 payroll reports ?

What is the tax liability deposit threshold amount that I must deposit money in the bank instead of paying the amount with my quarterly 941 payroll reports ?

If the tax liability for a quarter is less than $2,500, it may be paid with the quarterly filing of Form 941. If the withholding is $2,500 or more, then it must be deposited on either a monthly or semi-monthly basis. The IRS will notify you each November as to whether you are a monthly or semi-monthly depositor. The IRS uses a one year look back period ending the preceding June 30th.

Need Professional Help?

If you need help with "Bookkeeping & Write-up" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.