Mark Sherman CPA is here to handle all of your tax concerns, ensuring you and your company remain above board and compliant. We curate a personalized strategy for you and your business to avoid the risk of tax audits and optimize your tax deductions and savings. We believe small-business tax preparation must be combined with long-term strategies to ensure your business’ success. Please contact us today to learn how we can help you with your tax returns in Las Vegas.
Tax Returns Done Right
Federal Unemployment Tax Act Tax (940)
Form 940 is used to report your annual Federal Unemployment Tax Act (FUTA) tax, which pays compensation to workers who have lost their jobs. The FUTA tax, along with the state unemployment tax systems, provides unemployment compensation to workers who have lost their jobs. The FUTA tax shouldn’t be deducted from your employees’ wages.
Regulations about who should file Form 940 and when can be difficult to understand and discern. Religious, charitable, and 501(c)(3) organizations are usually exempt from FUTA tax, and there are special rules for family businesses employing family members under 21 years of age, those with household employees, and more. We help you determine if and how much your business is liable to pay FUTA taxes.
We have been with Mark Sherman, CPA for a couple of years now. He helped review previous years of our corporate tax returns and really instructed us how to do things better and more accurately. I also used him for my personal tax returns. We love working with the staff at Mark Sherman's office and we hope everyone would make Mark Sherman their CPA!
Quarterly Payroll Tax Returns (941)
Form 941, also known as Quarterly Payroll Tax Returns, is an IRS tax form that businesses must file quarterly to disclose the income taxes, payroll taxes, Medicare taxes, and Social Security taxes they’ve deducted from their employees. This form calculates how much money you need to remit to the government to cover the payroll tax responsibilities.
Form 941 needs to be filed by most businesses with employees each quarter. However, your business may not have to file this form if it’s seasonal and you don’t hire anyone on specific seasons, if you only hire farm workers, or if you hire household employees. In some cases, you may be able to file an annual Form 944 instead of Form 941. We gather all the necessary information to file Form 941 every quarter.
Modified Business Tax
Modified Business Tax is a Nevada-specific self-reporting tax calculated on total gross wages and reported tips paid for a calendar quarter less employee health care benefits paid. Modified Business Tax has two sub-classifications, General Business and Financial Institution, and the business owner is responsible for selecting the correct characterization.
We help you select the appropriate classification for your business and file the Modified Business Tax helping you with your tax returns in Las Vegas so you can be stress-free.