Semi-Weekly Depositors and Filing Form 941 Schedule B
IRS Form 941 Schedule B is used by semiweekly schedule depositors that report more than $50,000 in employment taxes. Businesses that acquire more than $100,000 in liabilities during a single day in the tax year are required to file this schedule. Keep reading for an overview of the Schedule
What is Form 941 Schedule B?
Schedule B should be filed along with Form 941 for 2024. It serves as a daily report of an employer’s tax liability for federal income tax withheld from employees. Additionally, it is used to report the employer’s share of Social Security and Medicare taxes withheld. This information should be reported for each quarter.
What is a semi-weekly depositor?
A semi-weekly depositor is an employer that deposits employment taxes for payments made on Wednesday, Thursday, and/or Friday by the following Wednesday. If taxes were paid on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. If you reported more than $50,000 of 941 Form 2024 taxes for the lookback period, you are a semiweekly Schedule depositor.
Should I file Schedule B?
Not every employer will be required to file Schedule B with Form 941. It is only required for employers who
- Reported more than $50,000 of employment taxes in the lookback period
- Accumulated a tax liability of $100,000 or more on any given day in the current or prior calendar year
How should I file Schedule B?
Form 941 Schedule B can be filed in two ways. The easiest way is to file all four quarter forms electronically. You can choose to file by paper instead. This is more of a hassle because you have to mail both forms rather than submitting them online.
What is the deadline to file?
Schedule B must be filed along with Form 941, so it will be due by the quarterly deadline.
- The first quarter deadline is April 30th (January, February, and March)
- The second quarter deadline is July 31st (April, May, and June)
- The third quarter deadline is October 31st (July, August, and September)
- The fourth quarter deadline is January 31st (October, November, and December)
If you fail to provide a Schedule B, the IRS will have no way to know which penalty rates apply. The IRS will split the difference by assessing the average penalties. These are determined by distributing your total tax liability shown on IRS Form 941 for 2024 line 12 equally through the tax period.
Filing through TaxBandits
TaxBandits allows clients to file Schedule B in minutes. Based on the amounts and information you enter on Form 941, TaxBandits will prompt you to complete Schedule B. This takes the guesswork out of whether or not you need to attach Schedule B! Clients will even receive instant updates on the status of their return. Just create a free account, choose which form to file, and get started!
E-file Form 941 Schedule B with TaxBandits today at TaxBandits.com.
