An employer who operates a business with regular employees to report withholding including employer's and the employee's contribution.
The contributions are,
IRS specifically designed the tax Form 941 to provide the employer with the above contributions.
If you own a company already or started a new business, then spend a few minutes here to know about the payroll tax form 941 in detail and to stay IRS compliant.
Form 941 is due every quarter, and it means the employer has to report the taxes withheld from the employees after paying their wages at the end of the month following the end of the quarter.
Form 941 Filing Deadlines are,
January to March is due on April 30th
April to June is
due on July 31st
July to September is due on October 31st
October to December is due on January 31st
It is pretty good to stay compliant if paid your payroll taxes during the months covered by the 941 forms & showing "$0" due in the Form.
But what if you owe taxes?
You don't need to wait to pay all taxes for the quarter at that time of Form 941 filing. You must make either monthly or semi-weekly deposits, depending on the amount owed.
Warning: Don't pay tax deposits with your Form 941.If you’re required to make deposits and you paid the taxes with Form 941,you may be subject to penalty.The failure-to-pay penalty for the unpaid tax reported through the return would be 0.5% for a month.The maximum penalty charged would again be 25%.
What IRS offers if you paid Payroll taxes on-time?
If you have made your payroll tax deposits for every quarter on time & have the proper payment records, you will have the ten days additional time to file your payroll tax form 941.
You can avoid paying 941 penalties and interest if you follow the below points.
Be aware of the IRS interest and penalties charged for late paid taxes and late-filed returns.
Get Started with TaxBandits, an Authorized IRS e-file provider which ensures e-filing of error-free Form with IRS. Our cloud-based application collects the required 941 details using simplified interview style form for an efficient way to e-file quarterly tax form 941 quickly and securely. In addition, we review and correct your form 941 if any standard errors so that your tax return is e-filed accurately and instantly with the IRS.
TaxBandits simplifies the Form 941 signing process
The IRS requires you to sign Form 941 before e-filing it. You may sign the form using the Online Signature PIN or Form 8453-EMP.
If you don't have an Online Signature PIN, don't worry! You can always use Form 8453-EMP to e-sign your Form 941 through TaxBandits and request a FREE Online Signature PIN with us for future use. And our extended features will lead you in filing your Form 941 efficiently. Visit Taxbandits.com to know more about the features we support.