IRS Reporting
Employers are required to file various reports at the end of the year. Much of this has to do with the fact that you have employees. Talking to the city or county person in charge of payroll might be helpful. S/he has probably been through this process and can give you some tips and pointers. In general you have probably been filing Form 941 for the IRS. This is a quarterly form where you report the number of employees, their wages, and their withholding amounts for federal income tax, Medicare, and Social Security. However if the IRS has notified you in writing to use Form 944 you will do this at the end of the year. The IRS may do this if you are considered a small employer.
You also have to create a W-2 and W-3 form for each employee. The W-2 form is the form that employees use to file their federal taxes. The W-3 form is an internal form that is used to transmit the information from the W-2 form to the Social Security Administration. These forms are completed through the Social Security Administration's website.
ASPeN: The New Library Directory
- Home
- Introduction
- Challenges of being a library district
- Joys of being a library district
- Contact Us
- Getting Started - Helpful Hints
- Develop an Action Plan
- Work/Life Balance
- Celebrate Your Successes
- Getting Started Checklist
- Working with the city and county during the transition
- County Actions
- City Actions
- Memorandums of Agreement
- Independent or with County
- City/County Transitions Checklist
- Paperwork, paperwork, paperwork!
- Employer Identification Number
- Name Change
- Notify Department of Administration
- Create List of Contacts
- Paperwork Checklist
- Accounting and other money matters
- Funding during the transition phase
- Decide how to handle accounting
- Paperwork and other details
- Transfer of cash and other liquid assets
- Develop agreements with the Friends and Foundation
- Funding for the First Year
- Accounting Checklist
- Payroll and Personnel
- Initial Decisions
- Take a class
- Notify Revenue Departments - State and Federal
- Personnel
- A note about independent contractors
- Payroll
- Payroll and Personnel Checklist
- Property and other assets
- Transfer Assets
- Obtain Insurance
- Maintenance, Repair, and Utility Costs
- Depreciation of Assets
- Assets Checklist
- The Library Board and its Duties
- Create and adopt an action plan
- Support library staff
- Adopt bylaws for the board
- Hire legal counsel
- Purchase errors and omissions insurance
- Begin work on a long range plan
- Begin adopting policies
- Adopt resolutions and a budget
- Election of board members
- Board Checklist
- Public relations and library services
- Keep the public informed
- Design a new logo and look
- Plan for new services
- Public Relations Checklist
- Reporting Requirements
- IRS Reporting
- Department of Administration Reporting
- Auditing the Library's Accountings
- Depreciate Assets
- Montana Department of Revenue Reporting
- Montana Department of Labor and Industry Reporting
- Montana Public Employees Retirement Administration
- Create an annual report for the library
- Montana State Library Reporting
- Reporting Checklist
- Conclusion
- Appendices