What are the Advantages of Filing Form 941 for Q3 Electronically?

Learn why e-filing is the best choice for your business this quarter!

Stephanie Glanville | October 27, 2022 | Read time: 4 minute(s) | Form 94x Series | No Comments

In light of the upcoming deadline for the third quarter 941 deadline, we are tackling a topic that our team gets asked about all the time!

What are the advantages of filing electronically this quarter instead of filing a paper form with the IRS?

There are so many advantages! Not only is e-filing easier, but it is also more accurate and efficient.

Keep reading for an overview of all the reasons your business should leave paper-filing in the past and make the switch to e-filing this quarter.

Knowing that you are filing the most current version of Form 941

This may seem completely obvious, but it’s true. There have been so many different versions of Form 941 for the past several quarters that it can be easy to mix them up. Since the beginning of 2020, there have been endless, almost quarterly updates to the form, and that can be difficult for employers to keep up with. After all, you’re busy running your business!

The TaxBandits team updates the 941 e-filing process every quarter based on IRS revisions. The good news is that there are no new changes for Q3 of 2022. You can expect the same version of the form that you filed last quarter.

Increased Accuracy of Filing Form 941

It’s true! Filing your Form 941 is a much simpler process when you e-file, especially when you e-file with TaxBandits. TaxBandits checks your Form 941 using the IRS Business Rules to help you avoid common mistakes.

There are also built-in tax calculations, which is a huge time-saver compared to filing a paper form where all of the math is left up to you.

Everything you need is built into Form 941

When filing Form 941 with the IRS, there may be attachment forms that you need to fill out and attach to file properly. With TaxBandits, these forms are built into the e-filing process. For example, we populate Form 8974 if you indicate that your business claimed a payroll tax credit for increasing research activities.

We also prompt you to complete Schedule B if you indicate that your business is a semi-weekly depositor. When it comes to the Worksheets that you may need to claim refundable and nonrefundable credits from past quarters, these are also available from TaxBandits.

Instant updates on the status of your Form 941

This is a huge advantage! When e-filing you are able to get a status from the IRS about the form you filed. This is not possible when filing a paper copy, you will not get any notification from the IRS. With TaxBandits, we update you instantly when we receive an IRS update on your filing.

The sooner you know the status of your form, the sooner you are able to check this off your “to-do” list, and if by chance your form is rejected, you know in plenty of time to correct it.

Are you ready to e-file your Form 941 for the third quarter? Get started today by creating your free TaxBandits account. You can file Form 941 starting at just $4.95/form.