941 Lookback Period

Forum|Forum|1 year ago
August 18, 2024
2 replies
17 views

Now that second quarter 941 returns have been filed, it may be a good time to compute lookback period amount, to see if client meets $50,000 tax liability threshold. This $50,000 threshold has been the same for some time I believe, and maybe it is time for it to be indexed to inflation.

ProSeries Professional

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Best answer by Jim-from-Ohio

- good news is two of my payroll clients can be switched to monthly

- the not so good news two of my other payroll clients have to go every pay for the deposits

net zero sum

what really should be raised for inflation is the phase out of education credits

qbteachmt

Level 15

You want it raised? Or you want the split of the schedule changed, changing semi-weekly to monthly?

I believe it was the Paperwork Reduction Act (1980s?) that split it off into the $2,500 minimum. And the mid-2000s is when the Form 944 came out.

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PATAXAuthor

Level 12

@qbteachmt Yes I think the $50,000 threshold should be raised. I had two clients last year that barely went over, and now I have to do weekly 941 deposits. What happens if I get sick or Heidi runs off looking for a Sasquatch?

Jim-from-Ohio

Answer

Intuit Community Champion

- good news is two of my payroll clients can be switched to monthly

- the not so good news two of my other payroll clients have to go every pay for the deposits

net zero sum

what really should be raised for inflation is the phase out of education credits

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