A Form 941 Checklist for Last Minute Filers

Here is an overview of everything you need to know about the Form 941 for the second quarter.

If you are struggling to make your Form 941 deadline for the second quarter, or even considering filing late, this checklist is for you! There are only a few days left to file Form 941, but it is still possible to file successfully. 

The TaxBandits team is here to help you! Starting with this checklist, here is an overview of everything you need to know about the Form 941 for the second quarter to file on time. We are answering the most common questions from this quarter and providing you with a streamlined e-file solution for a great price!

When is the Form 941 deadline for the second quarter?

The second quarter deadline is only days away on July 31, 2020. 

The next deadlines are as follows:

Third quarter deadline- October 31, 2020

Fourth quarter deadline- January 31, 2021 

What changes have been made to Form 941?

The New Form 941 is drastically different from the version of the Form 941 that businesses filed for the first quarter of 2020. The form has been expanded to include the tax relief set in place by the CARES Act. Employers are able to take advantage of the refundable credits for paid sick and family leave. Employers also have the opportunity to take advantage of employee retention credits. 

An additional 23 data fields have been added to Form 941. These data fields were added to accommodate the reporting of COVID-19. 

What Information Do I Need To File?

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 
  • Payment Information
    • You don’t have to enter any payment information until your Form 941 is complete and ready for IRS transmission
    • Pay your balance due to the IRS with your return.

What about COVID-19 Tax Credits? 

The Form 941 has been revised to address the following tax credits:

Employee Retention Credits

Under the CARES Act, employers with 500 employees or less that are fully operational during the 2020 calendar year are eligible for Employee Retention Credits on up to 50% of qualified wages. These credits apply to the employer’s portion of social security taxes and $10,000 is the limit that can be applied to any one employee in the span of a calendar year. 

Credits For Family and Sick Leave Wages

These credits refer to the Families First Coronavirus Response Act. This Act mandates that all employers must provide their full-time employees with two weeks of paid sick leave if they or a member of their family suffer from COVID-19. Under the Families First Coronavirus Response Act, employers can receive tax credits to cover the cost of these wages.

What About Worksheet 1? 

This worksheet is not mandatory, but could be very helpful for any business owner who has taken advantage of the tax credits during the second quarter of 2020. This includes:

  • Paid sick leave credits
  • Paid family leave credits
  • Employee retention credits

Our software supports 941 Worksheet 1. You can easily use it while filing Form 941 to calculate your refundable and nonrefundable tax credits.  

What are the penalties if I don’t file Form 941?

If you are considering not filing your Form 941 on time this quarter, you should definitely rethink that decision. You could end up paying 25% of your tax payment in penalties. There’s no need to rack up unwanted penalties when TaxBandits makes filing your Form 941 so simple!

What Are The Benefits of 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. 

Form 941

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