A Form 941 Checklist for the Second Quarter 941 Deadline

Tips for filing Form 941 accurately and on time!

The Form 941 deadline is approaching faster than your much needed summer vacation! The IRS requires businesses to file the Form 941 by August 2, 2021 for the second quarter. All employers that pay wages that are subject to income, social security, and Medicare tax withholding. 

If you are an employer that is required to file this form, don’t panic, with all of TaxBandits’ awesome e-filing features and this checklist, you can meet your deadline with ease! 

Know your requirements

The most important step to successful filing is meeting all of your IRS requirements. For example, if your business operates on a semi-weekly deposit schedule, you must complete Schedule B and attach it to your Form 941. With TaxBandits, the Schedule B is not only supported, but integrated into the e-filing process.

Know which COVID-19 Tax Credits your business claimed

The COVID-19 pandemic has been a challenge for businesses throughout the past year, in response the CARES Act introduced COVID-19 tax credits to help struggling businesses. The new administration passed the American Rescue Plan Act, which extends and enhances these tax credits for employers. 

If your business has claimed credits on sick or family leave wages, the employee retention credit, or the new COBRA premium assistance credit, you must report this information accurately on the Form 941. How should you do that? Well, that brings us to our next point!

Know which 941 Worksheets you need to complete

The IRS initially created Worksheet 1 to help employers calculate the refundable and nonrefundable portions of their COVID-19 tax credits. For the second quarter of 2021, the IRS created several additional worksheets as follows: 

  • Worksheet 1: Credit for Qualified Sick and Family Leave Wages for Leave Taken Before April 1, 2021
  • Worksheet 2: Employee Retention Credit for the Second Quarter of 2021 Only (Wages Paid After March 31, 2021, and Before July 1, 2021)
  • Worksheet 3: Credit for Qualified Sick and Family Leave Wages for Leave Taken After March 31, 2021 
  • Worksheet 4: Employee Retention Credit for Third and Fourth Quarters of 2021 Only (Qualified Wages Paid After June 30, 2021)
  • Worksheet 5: COBRA Premium Assistance Credit 

Please note, Worksheet 4 is not needed for this quarter (second quarter), it will be used going forward starting with the third quarter of 2021. 

Are you ready to start e-filing the Form 941 for the second quarter of 2021? Get started now with TaxBandits by creating a free account. We offer a streamlined process for tax professionals, business owners, and PEOs!

Form 7200

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