Payroll Tax Filing – IRS Forms 941, 940 & TWC

Filing payroll taxes accurately and on time is one of the most important responsibilities for any employer in the United States. Late or incorrect filings can lead to heavy IRS penalties, interest charges, and compliance issues with state agencies.

At Dallas Tax Hub, we help businesses in Lewisville, Texas stay compliant with quarterly and annual payroll tax filings, including IRS Form 941, IRS Form 940, and Texas Workforce Commission (TWC) reports.

Understanding Payroll Tax Filings

Payroll tax compliance involves federal, state, and sometimes local filings. Here’s what each key form means:

1. IRS Form 941 – Employer’s Quarterly Federal Tax Return

   • Filed quarterly to report federal income tax, Social Security tax, and Medicare tax withheld from employees’ wages.

   • Also includes the employer’s share of Social Security and Medicare taxes.

2. IRS Form 940 – Employer’s Annual Federal Unemployment (FUTA) Tax Return

   • Filed annually to report and pay federal unemployment taxes.

   • FUTA helps fund unemployment compensation programs for workers who lose their jobs.

3. Texas Workforce Commission (TWC) – State Unemployment Tax (SUTA) Reports

   • Filed quarterly to report wages and pay state unemployment insurance tax.

   • Required for most Texas employers to fund the state’s unemployment benefits program.

Our Payroll Tax Services Include:

1. Accurate Payroll Tax Calculations

   • Determining the correct amounts for federal and state withholdings, Social Security, Medicare, and unemployment taxes.

2. Timely Filing of 941, 940 & TWC Reports

   • Ensuring all returns are filed before IRS and Texas deadlines to avoid penalties.

3. Electronic Payments & Submissions

   • Using secure e-filing and EFTPS (Electronic Federal Tax Payment System) for federal taxes and the TWC’s online portal for state taxes.

4. Amended Returns & Corrections

   • Fixing previous filing errors with Forms 941-X or amended state reports.

5. Compliance Monitoring

   • Tracking changes to IRS and Texas payroll tax laws so your business stays compliant year-round.

6. Penalty & Notice Resolution

   • Assisting with IRS or TWC notices, audits, and penalty abatement requests.

Why Payroll Tax Compliance Matters

• IRS Penalties for Late Filing – The IRS can impose penalties up to 15% of the unpaid tax for late deposits.

• Interest Charges – Interest accrues daily on unpaid taxes.

• State Enforcement – The TWC can assess penalties for late or missing unemployment tax reports.

• Reputational Risk – Non-compliance can hurt your business credibility with employees, lenders, and partners.

By trusting Dallas Tax Hub, you get peace of mind knowing your filings are accurate, timely, and fully compliant.

Why USA Businesses Choose Dallas Tax Hub

✅ Local Expertise – We understand Texas-specific TWC rules and federal IRS payroll tax laws.
✅ Full-Service Approach – Payroll tax filing, payroll processing, and bookkeeping in one place.
✅ Error-Free Filings – We use professional software and multi-step accuracy checks.
✅ Personal Support – Direct access to payroll tax experts who can answer your questions anytime.