940?  Do you mean Form 944?

Probably not.

If the employment taxes (Social Security, Medicare, and withheld Federal Income Tax) are expected to be $1000 or more, a 941 is required.

If it is a seasonal business, then perhaps fewer 941s would need to be filed, but that doesn't seem to be the case here.

Also, the Department of Labor in your State likely requires regular pay periods, and only doing one payroll a year may not be allowed.  I admit, that is definitely easiest, but it likely is not legal.  From what I have heard, the IRS also highly frowns on that practice.