Under new temporary and proposed Internal Revenue Service rule changes announced by the Treasury Department in May, nearly 950,000 small businesses are now eligible to file and pay taxes once a year using new Form 944 (Employer's Annual Federal Tax Return), rather than quarterly using Form 941 (Employer's Quarterly Federal Tax Return).

Small businesses that make the switch can combine this with electronic filing (EFTPS) to make a single electronic tax payment with their annual return. Eligible businesses are those with an estimated employment tax liability of $1,000 or less.

For more information, see http://www.irs.gov/irs/article/0,,id=152458,00.html