IRS Form 941, Employer's Quarterly Federal Tax Return, is an IRS information return employers use to report income taxes, social security tax, or Medicare tax withheld from an employee's paycheck. Federal tax Form 941 is also used to pay the employer's portion of social security or Medicare tax. IRS tax Form 941 should not be used to report backup withholding or income tax withholding on non-payroll payments and should not be used to report on seasonal, household, or farm employees.
IRS requires employers to file Form 941 online or on paper to report certain financial information about the taxes withheld. It is important to report this information to the IRS in a timely fashion and with the complete payment to avoid any penalties the IRS may issue as a result of a late or missing filing or payment.
You must file Form 941 electronically or by paper before these deadlines.
If any of the due dates for Form 941 falls on a Saturday, Sunday, or federal holiday, the deadline is automatically extended to the next business day and you must file Form 941 online or on paper by then.
The following information is needed to file Form 941 online or on paper with the IRS. You will need to provide all of the information below in order for the Form 941 you file to be accepted as complete by the IRS.
You must also provide your tax payment along with the payment voucher when you file Form 941 online or on paper.
It's important to know how to complete your Quarterly Federal Tax Return before you e-file form 941 or on paper. in order to complete form 941, first enter your ein (employer identification number) in the available boxes. then, provide the rest of your identifying information, including your name, trade name (if any), and address. you'll also check the box for which quarter your reporting (first, second, third, or fourth) in this section.
|In Part 1||
You'll answer certain financial questions about the quarter for which you're filing Form 941. First, provide the number of employees who received wages, tips, or other compensation for the quarter, as well as the total of those wages, tips, and other compensation. Next, enter the federal income tax withheld from those wages, tips, and other compensation, or check the box to indicate that you had no wages, tips, or other compensation subject to social security or Medicare tax. If you did need to report taxes withheld, you'll take the next few boxes to provide more specifics on those taxes.
|In Part 2||
You'll report about your deposit schedule and tax liability for the quarter for which you're reporting. In this section, you'll check one of the three boxes that applies to your payment and deposit situation before continuing on to Part 3.
|In Part 3||
You'll answer questions about your business. Namely, you'll use this section to indicate if your business closed or stopped paying wages during the quarter you're reporting. You'll also use this section to indicate whether you're a seasonal employer who may not have to file every quarter.
|In Part 4||
It is for your third-party designee's information if you have one. If you want to allow an employee, paid tax preparer, or other person to discuss your Form 941 with the IRS, you can include their information here. Then, next, in Part 5, you'll sign and date the form and provide your best daytime phone number.
If you're making a payment when you file Form 941 online or on paper, you'll also need to include the 941-V, Payment Voucher. On this voucher, just enter your EIN, the amount of your payment, the tax period, and your address. Submit it with your payment and you're all done!
Its easy to File Form 941 Electronically with Express941 and Filing includes the other supporting forms like Schedule B (Form 941), Form 8974, and Form 8453-EMP. Just follow the simple steps to prepare your form & e-file it with IRS.
Unlike other IRS information returns, Form 941 does not have an associating extension form to file. You can, however get an extension of time to file Form 941 online or on paper under certain circumstances. If you made payroll tax deposits for the quarter entirely and on time, you receive an automatic 10-day extension of your deadline to file Form 941 for the quarter.
If you meet the criteria for an extension, the deadlines are as follows:
Penalties can be incurred for Form 941 if you fail to file form 941 on time or fail to include the payment that you're required to provide with Form 941. According to the IRS, you can avoid incurring any IRS Form 941 penalties by doing all of the following:
Penalties and interest are charged based on taxes paid late and returns filed late as a rate set by the IRS and federal law, but we'll get more into that later! Learn More
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