From the course: Business Tax Foundations

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Quarterly 941 reconciliation

Quarterly 941 reconciliation

From the course: Business Tax Foundations

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Quarterly 941 reconciliation

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- [Instructor] Ideally you've been careful with the 941 deposits and so you won't owe much of anything at the end of the quarter. But whether you owe more money to the government or not, the IRS still wants you to use form 941 to reconcile your actual liability against your deposits that you've made as part of the 941 tax process. So we've got our form 941 here and we've filled out the first page showing our initial liability and things like that. So now what we need to do is reconcile what we've actually paid against what we owe. To do that, we're going to turn to page two of the 941. Now, we paid $1900, we see that here on line 13. We owed $2530 we see that here on line 12. What we need to do now is break down that liability based on each month in the quarter. Every quarter has three months of course so the IRS wants to know alright in each quarter, January, February, and March, what was your liability. Notice when you get done you're going to have to add up these liabilities and…

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