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Section 1 Introduction and Changes in Law Irs  Form

Section 1 Introduction and Changes in Law Irs Form

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Basic Business Information We're going to go through this form   section by section starting with Section 1. This  section is asking for Business Information and it   is very basic. Everything is self-explanatory  for the most part, but let's go over a few of   the not so obvious questions. First off, we  have the Frequency of tax deposits question,   this just refers to deposits for payroll  taxes, if the business has employees. The   IRS requires that businesses use the  Electronic Federal Tax Payment System,   EFTPS, to make employment tax deposits. You  can go into your EFTPS account and view your   payment history to find the frequency, or  if you use a third-party payroll provider,   they should have the information. The Percent  of ownership and annual salary question,   is where you'll be telling the IRS who  the owners are, and how much they're paid.

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