Springfield Business Journal_2020-09-28

Form 941 for 2020: (Rev. April 2020) E Depart Employer identification number (EIN) Name (not your trade name) Trade name (if any) Address Number Street City Foreign country name Read the separate instructions before you complete Part 1: Answer these questions for this quar 1 Number of employees who received wag period including: June 12 (Quarter 2), Sept. 2 Wages, tips, and other compensation . . 3 Federal income tax withheld from wages, tips, a 4 If no wages, tips, and other compensation are su Colu 5a Taxable social security wages . . 5a (i) Qualified sick leave wages . . 5a (ii) Qualified family leave wages . 5b Taxable social security tips . . . 5c Taxable Medicare wages & tips . . . 5d Taxable wages & tips subject to Additional Medicare Tax withholding . 5e Total social security and Medicare taxes. Add Column 2 from lin 5f Section 3121(q) Notice and Demand—Tax due on unreported 6 Total taxes before adjustments. Add lines 3, 5e, and 5f . . . 7 Current quarter’s adjustment for fractions of cents . . . . 8 Current quarter’s adjustment for sick pay . . . . . . . . 9 Current quarter’s adjustments for tips and group-term life insuran 10 Total taxes after adjustments. Combine lines 6 through 9 . . . . 11a Qualified small business payroll tax credit for increasing research activiti 11b Nonrefundable portion of credit for qualified sick and family leave wages 11c Nonrefundable portion of employee retention credit from Worksheet 1 ▶ You MUST complete all three pages of Form 941 and SIGN it. For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Vou Form W-9 (Rev. October 2018) Department of the Treasury Internal Revenue Service Identification ▶ Go to www.irs.gov/FormW9 for instructio Print or type. See Specific Instructions on page 3. 1 Name (as shown on your income tax return). Name is required on this line; do not leave this line 2 Business name/disregarded entity name, if different from above 3 Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only one of the following seven boxes. Individual/s ole p roprietor or single-member LLC C Corporation S Corporation Partnership Trust/estate Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=Partnership) ▶ Note: Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LL C if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is an other LLC that is not disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner. Other (see instructions) ▶ 4 Exemptions certain entities, not in instructions on page 3): Exempt payee code (if any) Exemption from FATCA reporting code (if any) (Applies to accounts maintained outside the U.S.) 5 Address (number, street, and apt. or suite no.) See instructions. 6 City, state, and ZIP code Requester’s name and address (optional) 7 List account number(s) here (optional) Part I Taxpayer Identification Number (TIN) Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later. Note: If the account is in more than one name, see the instructions for line 1. Also see What Name and Number To Give the Requester for guidelines on whose number to enter. Social security number – – or Employer identification number – Part II Certification Under penalties of perjury, I certify that: 1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and 2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and 3. I am a U.S. citizen or other U.S. person (defined below); and 4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later. Sign Here Signature of U.S. person ▶ Date ▶ General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Future developments . For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/FormW9. Purpose of Form An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following. • Form 1099-INT (interest earned or paid) • Form 1099-DIV (dividends, including those from stocks or mutual funds) • Form 1099-MISC (various types of income, prizes, awards, or gross proceeds) • Form 1099-B (stock or mutual fund sales and certain other transactions by brokers) • Form 1099-S (proceeds from real estate transactions) • Form 1099-K (merchant card and third party network transactions) • Form 1098 (hom mortgage interest), 1098-E (student loan interest), 1098-T (tuition) • Form 1099-C (canceled debt) • Form 1099-A (acquisition or abandonment of secured property) Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN. If you do not return Form W-9 to the requester with a TIN, you migh be subject to backup withholding. See What is backup withholding, later. Cat. No. 10231X Form W-9 (Rev. 1 465 ecember 2018) ent of the Treasury l Revenue Service Installment Agreement Request ▶ Go to www.irs.gov/Form9465 for instructions and the latest information. ▶ If you are filing this form with your tax r turn, attach it to the front of the return. ▶ See separate instructions. OMB No. 1545-0074 f you owe $50,000 or less, you may be able to avoid filing Form 9465 and establish an installment agreement online, even if you n’t yet received a tax bill. Go to www.irs.gov/OPA to apply for an Online Payment Agreement. t I equest is for Form(s) (for example, Form 1040 or Form 941) ▶ tax year(s) or period(s) involved (for example, 2016 and 2017, or January 1, 2017 to June 30, 2017) ▶ Your first name and initial Last name Your social security number If a joint return, spouse’s first name and initial Last name Spouse’s social security number Current address (number and street). If you have a P.O. box and no home delivery, enter your box number. Apt. number City, town or post office, state, and ZIP code. If a forei n address, also complete the spaces below (see inst uctions). Foreign country name Foreign province/state/county Foreign postal code 1b If this address is new since you filed your last tax return, check here . . . . . . . . . . . . . . . . . ▶ 2 Name of your business (must no longer be operating) Employer identification number (EIN) 3 Your home phone number Best time for us to call 4 Your work phone number Ext. Best time for us to call 5 Enter the total amount you owe as shown on your tax return(s) (or notice(s)) . . . . . . . . 5 6 If you have any additional balances due that aren’t reported on line 5, enter the amount here (even if the amounts are included in an existing installment agreement) . . . . . . . . . . . . 6 7 Add lines 5 and 6 and enter the result . . . . . . . . . . . . . . . . . . . . 7 8 Enter the amount of any payment you’re making with this request. Se instructions . . . . . 8 9 Amount owed. Subtract line 8 from line 7 and enter he result . . . . . . . . . . . . 9 10 Divide the amount on line 9 by 72 and enter the result . . . . . . . . . . . . . . . 10 11a Enter the amount you can pay each month. Make your payment as large as possible to limit interest and penalty charges, as these charges will continue to accrue until you pay in full. If you have an existing installment agreement, this amount should represent your total proposed monthly payment amount for all your liabilities. If no payment amoun is listed on line 11a, a payment will be determined for you by dividing the balance due on line 9 by 72 months . . . . . . . 11a $ b If the amount on line 11a is less than the amount on line 10 and you’re able to i crease your payment to an amount that is equal to or greater than the amount on line 10, enter your revised monthly payment 11b $ • If you can’t increase your payment on line 11b to more than or equal to the amount shown on line 10, check the box. Als , complete and attach Form 433-F, Collection Information Statement . . . . . . . . . . . . . . . . . . . • If the amount on line 11a (or 11b, if applicable) is more than or equal to the amount on line 10 and the amount you owe is over $25,000 but not more than $50,000, then you don’t have to complete For 433-F. However, if you don’t complete Form 433-F, then you must complete either line 13 or 14. • If the amount on line 9 is greater than $50,000, complete a d attach For 433-F. 12 Enter the date you want to make your paymen t each month. Don’t enter a date l er than the 28th 12 13 If you want to make your payments by direct debit from your checking account, see the instructions and fill in lines 13a and 13b. This is the most convenient way to make your payments and it will ensure that they are made on time. ▶ a Routing number ▶ b Account number I authorize the U.S. Treasury and its designated Financial Agent to initiate a monthly ACH debit (electronic withdrawal) entry to the financial institution account indicated for payments of my federal taxes owed, and the financial institution to debit the entry to this account. This authorization is to remain in full force and effect until I notify the U.S. Treasury Financial Agent to terminate the authorization. To revoke payment, I must contact the U.S. Treasury Financial Agent at 1-800-829-1040 no later than 14 business days prior to the payment (settlement) date. I also authorize the financial institutions involved in the processing of he electronic payments of taxes to receive confidential information necessary to answer inquiries and resolve issues related to the payments. c Low-income taxpayers only. If you’re unable to make electronic payments through a debit instrument by providing your banking information on lines 13a and 13b, check this box and your user fee will be reimbursed upon completion of your installment agreement. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 If you want to make payments by payroll deduction, check this box and attach a completed Form 2159 . . . . . . . Your signature Date Spouse’s signature. If a joint return, both must sign. Date For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 14842Y Form 9465 (Rev. 12-2018) Form SS-4 (Rev. December 2019) Department of the Treasury Internal Revenue Service Application for Employer I entification Number (For use by mployers, corporations, partnerships, trusts, estates, churches, government agencies, Indian tribal entities, c rtain individuals, and other .) ▶ Go to www.irs.g v/FormSS4 for instructions and the latest information. ▶ See separate instructions for each line. ▶ Keep a copy for your records. OMB No. 1545-0003 EIN Type or print clearly. 1 Legal name of entity (or individual) for whom the EIN is being r que ed 2 Trade name of business (if different from name on line 1) 3 Executor, administrator, trustee, “care of” name 4a Mailing address (room, apt., sui e no. and street, or P.O. box) 5a Street address (if different) (Don’t enter a P.O. box.) 4b City, state, and ZIP code (if foreign, see instructions) 5b City, state, and ZIP code (if f reign, see instructions) 6 County and stat where pri cipal business is located 7a Name of responsible party 7b SSN, ITIN, r EIN 8a Is this applic tion for a limited liability company (LLC) (or a foreign equivalent)? . . . . . . . . Yes No 8b If 8a is “Yes,” enter the number of LLC members . . . . . . ▶ 8c If 8a is “Yes,” was the LLC organized in the United States? . . . . . . . . . . . . . . . . . . Yes No 9a Type of entity (check only one box). Caution: If 8a is “Yes,” see the instructions for the correct box to check. Sole proprietor (SSN) Estate (SSN of decedent) Partnership Plan administrator (TIN) Corpora ion (enter form number to be filed) ▶ Trust (TIN of grantor) Personal service corporation Military/National Guard State/local government Church or church-controlled organization Farmers’ cooperative Federal government Other nonprofit organization (specify) ▶ REMIC Indian tribal governments/enterprises Other (specify) ▶ Group Exemption Number (GEN) if any ▶ 9b If a corporation, name the state or foreign country (if applicable) where incorpo ated State Foreign country 10 Reason for applying (check only one box) Banking purpose (specify purpose) ▶ Started new business (sp cify type) ▶ Changed type f organization (specify new type) ▶ Purchased going business Hired employees (Check the box and s e line 13.) Created a trust (specify type) ▶ Compliance with IRS withholding regulatio s Created a pension plan (specify type) ▶ Other (specify) ▶ 11 Date busi ess started or acquired (month, day, year). See instructions. 12 Cl sing month of accounting year 13 Highest number of employees exp cted in the next 12 months (enter -0- if none). If no employees expected, skip line 14. Agricultural Household Other 14 If you expect your employment tax liability to be $1,000 or less in a full calendar year and want to file Form 944 ann ally instead f Forms 941 quarterly, check here. (Your employment tax liability generally will be $1,000 or less if you expect to pay $5,000 or less in total wages.) If you don’t check this box, you must file Form 941 for every quarter. 15 First date wages or annuities were paid (month, day, year). Note: If applicant is a withholding agent, enter date income will first be paid to nonresident alien (month, day, year) . . . . . . . . . . . . . . . . . ▶ 16 Check one box that best describes the principal activity of your business. Health care & social assistance Wholesale-agent/broker Construction Rental & leasing Transportation & warehousing Accommodation & food service Wholesale-other R etail R al estate Manufacturing Finance & insurance Other (specify) ▶ 17 Indicate principal line of merchandise sold, specific construction work done, products produced, or services provided. 18 Has the applicant entity shown on line 1 ever applied for and received an EIN? Yes No If “Yes,” write previous EIN here ▶ Complete this section only if you want to authorize the named individual to receive the entity’s EIN and answer questions about the completion of this form. nee’s name Designee’s telephone number (include area code) Designee’s fax number (include area code) knowledge and belief, it is true, correct, and complete. Applicant’s telephone number (include area code) Applicant’s fax number (include area code) Form SS-4 (Rev. 12-2019 mployer’s QUARTERLY Federal Tax Return artment of the Treasury — Internal Revenue Service 950120 OMB No. 1545-0029 — Suite or room number State ZIP code rovince/county Foreign postal code Report for this Quarter of 2020 (Check one.) 1: January, February, March 2: April, May, June 3: July, August, September 4: October, N vember, Dece ber Go to www.irs.gov/Form941 for instru ctions and th latest in formation. 1. Type or print within the boxes. r other compensat on for the pay 3), or Dec. 12 (Quarter 4) . . . 1 . . . . . . . . . . . 2 . pensation . . . . . . 3 . ecurity or Medicare tax Check and go to line 6. Column 2 = . . . . by Jan Peterson · Contributing Writer While federal stimul s funds have brought eco- nomic relief amid the COVID-19 pandemic, uncer- tainty has been persistent among some business owners. Programs bankrolled thro gh the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act are elicit- ing questions from business owners and accountants alike, and a payroll tax deferral option is being met by state leaders and others with skepti- cism. Gov. Mike Parson announced earlier this month Missouri would decline a deferral withholding state employees’ federal payroll tax through the end of t year. Other entities that declined to participate in- clude the U.S. House of Representatives, UPS, the U.S. Postal Service, W lls Fargo and, more locally, Sun Solar. CEO Caleb Arthur said as with all of his money questions, he ran the deferral past his accoun- tant and l arne the reprieve was only temporary. “Temporary is a nice thing, but they’re going t owe it back and that’s less money in their paycheck the next year,” Arthur said. Based on that understanding, he drafted a message to employees letting them know Sun Solar would not participate “because it’s g - ing to put you guys in a hard spot,” Arthur said. “Not one employe was upset. I got five employees that privately reached out in emails and thanked me.” “S metimes as a CEO in this pandemic, it’s very difficult to make decisions that end in a win-win,” he said. Delayed pain The deferral was made available through President Donald Trump’s Aug. 8 executive order intended to provide re- lief for workers. The order, Deferring Payroll Tax Ob- ligations in Light of the Ongoing CO- VID-19 Disaster, applies to the portion of Social Security payroll taxes withheld from employees’ paychecks. It amounts to 6.25% of a wo ker’s earnings. Any em- ploye with biwe kly earning of $4,000 or less is eligible to take part. The defer- ral is av ilable through the end of he year. The website for the U.S. House of Representa- tives’ Co mittee n Ways and Means indicates employers are not under a mandat to take advan- tage f the deferral and won’t be pen lized if they don’t, and e ployees do not have the right to de- mand participation. The entire por ion of taxes deferred would have to be repaid through withholdings made be- tween Jan. 1 and April 30, 2021, effectively dou- bling the employees’ tax responsibility to 12.5% Caleb Arthur : Employees on board with Sun Solar waiving tax deferral. 12.5% Employees’ tax responsibility from Jan. 1-April 30, 2021, if utilizing deferral See RELIEF on page 14 AMANDA MILLER TAX & FINANCIAL PLANNING SPRINGFIELD BUSINESS JOURNAL · 9 SEPT. 28-OCT. 4, 2020 Federal relief muddied by ongoing uncertaint y State, local CPAs say payroll tax holid y delays economic challenges