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Monthly schedule depositor

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.

$100,000 Next-Day Deposit Rule

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.

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