An Easy Checklist to Help you Meet your Form 941 Q3 Deadline

Tips for staying ahead of your deadline!

The Form 941 deadline is coming! Imagine an old-school horror movie where the serial killer is stalking their unknowing victim. With less than 2 weeks until the 941 deadline, we don’t want you to be that unknowing victim! 

This is a guide to help you stay on track and safe from any missed deadlines or dreaded IRS penalties. 

Gather your Business Information

Employers must report the following crucial information to the IRS: 

  • Wages paid
  • 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
  • Adjustments made during the quarter to social security and Medicare Taxes
  • Qualified small business tax credit for researching activities
  • Nonrefundable and refundable portions of qualified sick and family leave wages, the employee retention credit, and the COBRA premium assistance credit

Having all of this information on hand before you actually sit down to file your form will be a huge help!

Review your 941 Filing Requirements

Know what additional forms or schedules you need to attach to Form 941. For example, if your business is claiming credit for increasing research activities, you will need to complete Form 8974.

If you are a semi-weekly depositor, don’t forget to complete Schedule B to report your tax liability throughout the quarter.  

Replace Worksheet 2 with Worksheet 4 

Don’t forget, Worksheet 2 is so last quarter (Q2)! There is no need to complete it this quarter. For the third and fourth quarters, you should complete 941 Worksheet 4 when calculating the Employee Retention Credit. 

Worksheet 4 applies to qualified wages paid after June 30, 2021. 

In addition to Worksheet 4 you may also need the following 941 Worksheets:

  • Worksheet 1: Credit for Qualified Sick and Family Leave Wages for Leave Taken Before April 1, 2021
  • Worksheet 3: Credit for Qualified Sick and Family Leave Wages for Leave Taken After March 31, 2021
  • Worksheet 5: COBRA Premium Assistance Credit 

TaxBandits takes the guesswork out of filing Form 941

We know all the changes to form 941 from quarter to quarter have been difficult to navigate, that’s why we built our e-filing process to be intuitive.

 You won’t have to worry about attaching any additional forms or which worksheets need to be completed. As you file, you will be prompted for this information and everything you need is built-in, this includes worksheets, Schedule B, and Form 9874. 

Are you ready to get started? Create your free TaxBandits account today and file Form 941 for as low as $4.95!


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