Center for Simulated Business Services (CSBS)
CSBS will serve as the federal tax office for your firm. We have provided a minimum level of tax forms for your completion. These forms can be completed and sent to firstname.lastname@example.org as attachments.
Please Note: It is not required that firms submit tax documents. This information is provided for firms that have this content as part of the curriculum or for firms where the instructor has identified "taxes" as a desired outcome of the practice firm experience.
What forms should be filed?
CSBSW2-Wage and Tax Statement
Employers must file Form CSBSW2 for wages paid to each employee from whom:
- Income, social security, or Medicare taxes were withheld, or
- Income tax would have been withheld or claimed no more than one withholding
CSBSW3-Transmittal Form for Wages and Tax Statements
Anyone required to submit a CSBSW2 must submit one CSBSW3 along with all W2s. This CSBSW3 serves as a summary of all the W2s submitted.
CSBSW4-Employee's Withholding Allowance Certificate
To know how much income tax to withhold from employees' wages, you should have a CSBSW4 on file for each employee. A CSBSW4 remains in effect until the employee gives you a new one. The amount of income tax withholding must be based on filing status and withholding allowances.
CSBS941-Employer's "Semester" Federal Tax Return
This form is used to report income tax that you withheld from wages , supplemental unemployment compensation benefits, and third-party payments of sick pay. The form is also used to report social security and Medicare taxes.
CSBS1120-U. S. Corporation Income Tax Return
Use this form to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
When should the tax forms be submitted?
The teacher has some degree of flexibility with how, when, and which forms are submitted to the CSBS office. If you would like each new group of students to have the experience, the forms can be submitted with each new class.
As a guide, CSBSW2, CSBSW3 and CSBS1120 should be submitted as close to the end of your academic year as possible. CSBS941 should be submitted twice during the academic year (November 1 and April 1).
CSBSW4 can be submitted as often as you would like the new "employees" to have the experience.
Where do I find more information about tax forms and specific tax tables?
The general IRS search page is http://www.irs.gov/index.html. Here you can find the actual U.S. government forms, instructions, and tax tables.
For realistic "employer" tax information, have the students check out Publication 15T at the above-referenced website.
Submitting the CSBS Forms:
Download the specific form needed and then email the form to email@example.com. Before having the students submit the form, review for accuracy. CSBS will acknowledge receipt of the form.