We’re Answering Your Form 941 Questions
Sound the alarm! You have less than a week to file Form 941 for 3rd quarter! The deadline is on October 31st, which is next Tuesday. Don’t let that deadline give you a truly terrifying Halloween.
Instead, head to ExpressTaxFilings, the market leading small business tax e-file provider where there are no tricks, only treats. With the help of ExpressTaxFilings, you will have your form completed and transmitted directly to the IRS in a matter of minutes.
We understand that taxes can be confusing, but that’s why we’re here to help by answering a few of the most popular Form 941 questions!
Popular Form 941 Questions
1. What Is Form 941?
Form 941 or the Employer’s Quarterly Return is the form used to report employee paycheck tax withholdings. As an employer who pays wages to employees, you’re responsible for withholding social security, income, and Medicare tax from their paychecks.
Form 941 makes sure that you’re doing that. Plus, it’s also used to pay your portion of social security tax and Medicare tax to the IRS. This return is due on a quarterly basis and the deadlines are as follows:
First Quarter: (January -March) Filing Deadline: April 30th
Second Quarter: (April- June) Filing Deadline: July 31st
Third Quarter: (July – September) Filing Deadline: October 31st
Fourth Quarter: (October – December) Filing Deadline: January 31st
2. How Do I E-Sign Form 941?
You are required to electronically sign Form 941 to complete it online. You can do so by using an online signature PIN provided by the IRS. If you don’t have a PIN you can apply for one for free with ExpressTaxFilings. However, the process can take up to 45 days to complete.
If you don’t have that amount of time, you can use form 8453-EMP to sign your form. Simply download this form complete it and upload it back to ExpressTaxFilings.com. The process is fast and easy.
3. Can I File Form 941 For Previous Periods?
With ExpressTaxFilings you can e-file Form 941 for the current period as well as previous periods. Simply select which quarter and year you would like to file for when you start your form. If you miss a deadline the best way to get caught up is by filing as soon as you can.
4. Is There a Penalty for Missing The Form 941 Deadline?
Yes. Missing the deadline will result in hefty penalties from the IRS. If you fail to file by the deadline you will face a monthly penalty of 5% of the taxes due per month until the penalty reaches 25%. If you fail to pay the amount you owe by the deadline you will be charged 2 to 15% of the total unpaid tax depending on how many days late your payment is.
5. What Do I Need To Complete Form 941?
To complete Form 941 you will need your employer details such as the name, EIN, and address, Then you will need your employee count and the amount of Medicare and social security tax withheld. Next, you will enter your deposit made to the IRS and your tax liability information. Finally, you will enter your signing authority information is applicable and electronically sign your form.
6. How Do I E-File Form 941?
That’s easy! Create your free ExpressTaxFilings account, and select ‘Create New 941 Form”. Then all you have to do is follow the step-by-step instructions which clearly explain what information is required to be entered and where. You will be able to review your form and transmit it directly to the IRS before you know it!
Plus, the amazing, US-based ExpressTaxFilings support team is here to help. If you need any assistance give us a call Monday – Friday from 9 AM to 6 PM EST at 704.684.4751. You can also reach us via live chat and take advantage of our 24/7 email support at support@ExpressTaxFilings.com.
