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Ace Payroll Blog


Nov 13 2014

2015 Federal Deposit Requirements

By: Craig Rogers

Posted in: Payroll Taxes


The IRS has started sending out form  941 deposit requirements for businesses for tax year 2015. The deposit requirements are based on a company’s liability during a lookback period, which in this case is from July 1, 2013 to June 30, 2014. There are two deposit schedules, monthly or semi-weekly.  You are a monthly depositor if your total tax reported during the lookback period was $50,000 or less. You are a  semi-weekly depositor if your liability was over $50,000 during the lookback period. 

Ace Payroll Services handles all your filing requirements and payments as part of their full tax service, however, if you file your own taxes please be aware of the following information.

When making 941 tax deposits you must use  Electronic Funds Transfer(EFT) or ask your bank to initiate a same day wire payment on your behalf. To be considered timely paid the deposit must be initiated by 8PM(Eastern Time) the day before the deposit is due. If a deposit is due on a non business day, it will be considered timely if it is made by the close of the next business day. For example, if a deposit is due on  a Wednesday, but Wednesday is a legal holiday, the payment is considered on time if it is made by Thursday, the next business day.

The rule for a monthly depositor is: the tax liability accumulated during the month are due by the 15th day of the following month.

The rules for semi weekly depositors are:

Check date falls on Wednesday, Thursday or Friday the deposit is due the following Wednesday

Check date falls on Saturday, Sunday Monday or Tuesday – the deposit is due the following Friday.

With the holidays right around the corner and bonuses in the air, please remember that there is a $100,000 next day deposit rule. The rule states that if you accumulate a tax liability of $100,000 or more on any day during the deposit period, you must deposit the tax by the close of the next business day, whether you are a monthly or semi weekly depositor. This does not change your deposit requirement for the rest of the year, only the period in which you exceeded $100,000 in tax liability

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