You are a monthly schedule depositor if the total taxes on Line 8 of Form
941 for the four quarters in the lookback
period were $50,000 or less. You need to deposit taxes on payments made
during a month by the 15th day of the following month. Do
not file Form 941 on a monthly basis. See IRS Publication 15,
Circular E, Employer's Tax Guide, for more information.
If you accumulate a tax liability of
$100,000 or more on any day during a deposit period, you must deposit the tax
by the next banking day, irrespective of whether you are a monthly or
semiweekly schedule depositor.
Note: The term "deposit period" refers to the period during
which tax liabilities are accumulated for each required deposit due date. For
monthly schedule depositors, the deposit period is a calendar month.
If you are a monthly schedule depositor and accumulate a $100,000 tax
liability on any day, you become a semiweekly schedule depositor on the next
day and remain so for at least the rest of the calendar year and for the
following calendar year.