Can you believe the Form 941 deadline for the first quarter of 2022 is less than a week away?! Time flies when you are busy running your business or helping your clients keep their business finances healthy.
You may have completely forgotten that the deadline was creeping up, or perhaps you are beginning the filing process and want to be sure that you have all the information you need. Either way, this blog will help you!
This is your Form 941 checklist for the first quarter of 2022.
Information Needed to E-file Form 941
This quarter, you will need the following information before you sit down to e-file your form with TaxBandits.
Tips that your employees reported to you (if applicable)
Federal Income tax you withheld from your employees’ paychecks
The employer and employee share of social security and Medicare taxes
Qualified small business tax credit for researching activities
Deposit schedule information (ex. Are you a semi-weekly depositor?)
Nonrefundable and refundable portions of qualified sick and family leave wages, and the COBRA premium assistance credit, if any.
Review any Updates to Form 941 for the New Quarter
Since the pandemic began in 2020, Form 941 became a much more complex form, mainly due to the tax credits that employers were able to claim for sick and family leave wages and the employee retention credit. Now, as these credits have begun to expire, the form continues to change in response.
For the first quarter, there are only a few changes that employees need to be aware of, but they are certainly worth noting. Here is a quick overview of these updates, for more detailed information, click here.
The lines related to the employee retention credit (11c, 13d, and 22) are now “reserved for future use”.
The lines related to the total advances of credits (13h and 13i), are now “reserved for future use”.
Line 18 has only one option again, indicating if you are a seasonal employer.
Only Worksheets 1, 2, and 3 are needed.
The social security wage base for 2022 is $147,000.
Know Your Deposit Schedule
Before filing Form 941 for the quarter, it is important to know your deposit schedule with the IRS. This will determine whether or not you need to complete Schedule B. For example, if your business is reporting over $50,000 in employment taxes for the previous period, then Schedule B is required.
On Schedule B, employers must enter detailed information about their tax liability throughout the quarter. TaxBandits includes Schedule B in the e-filing flow, so if you need to complete it, you can easily do so!
TaxBandits Offers Time-Saving 941 Features!
With the help of TaxBandits’ simple and secure e-filing process, you can easily complete Form 941 in minutes! Are you a tax professional filing across multiple EINs for your clients? No problem! You can upload all your clients’ 941 information at once using the TaxBandits Bulk Upload Templates.
Whether you are a business owner, tax professional, or even a reporting agent, be sure to stock up on prepaid credits. These credits allow you to save time during the e-filing process by skipping the checkout. They are also volume-based to save you money.