Your Form 941 Checklist for the Third Quarter

The Form 941 deadline is eerily close! Don’t fall behind, handling your Form 941 doesn’t have to be a terrifying task!

The TaxBandits team is here to help you. We are bringing you a checklist to help you complete your Form 941 and get back to what you would rather be doing, like choosing a costume for your socially distanced Halloween party!

When is the Form 941 deadline? 

Your Form 941 is due to the IRS on November 2, 2020, this is only a few days away, so it’s time to get a move on!

What’s new on the Form 941 for the third quarter? 

The current administration has passed a temporary tax deferment as additional aid to businesses struggling through the COVID-19 pandemic. This tax deferment is effective September 1, 2020 through December 31, 2020. 

During this time employers can not only defer their share of Social Security taxes, but they are now able to defer the employees’ share of Social Security taxes. 

Employers can choose whether or not they opt into this employee tax deferment. However, despite what a business organization chooses, the Form 941, Employer’s Quarterly Federal Tax Return, has been revised so that employers can easily report these deferrals. 

Check out this video for more information!

What information do I need?

To file your Form 941 successfully, please have the following information available to you.

• Your Business Details
  • This includes your business name, EIN, and address
• Employment Information
  • Your total number of employees
  • Withheld and deposit information
  • Monthly or semi-weekly liability information
  • Your 94x Online Signature Pin. Don’t have one? No problem, you can file using Form 8453-EMP
• Information about your tax credits, if any, due to COVID-19 
• Your employer and employee share of Social Security taxes
• Payment Information
  • Pay your balance due to the IRS with your return

The benefits of e-filing with TaxBandits

For under $5 you can e-file your Form 941 with the IRS and make a secure tax payment! There are many perks of choosing TaxBandits for your e-file solution some of which are our simple interview process, built-in error checks, and ability to help you generate your attachment forms. 

Be sure to check out our Zero Filing feature if you haven’t paid wages to employees this quarter.

Using the Worksheet 1 is the best way to ensure that you are reporting your refundable and nonrefundable tax credits due to COVID-19. When you file with TaxBandits, this worksheet is included in our filing process