The holidays are approaching, and so is the New Year! This means that the kick-off of tax season isn’t far behind them. You may have already started completing your Forms 1099, W-2, and 1095-B/C for your business, now you can also start crossing 94x Forms off your list.
Annual 94x Forms for 2023 Tax Year are Available!
That’s right the annual 94x series forms are now available from TaxBandits for the 2023 tax year. Here is a recap on these forms, since it’s likely been a year since you last completed them.
In addition to the purpose of these forms, we’ll be covering their deadlines and any IRS updates that may impact the process of filing them this January.
What Forms Make Up the 94x Series?
There are several forms in this series. With the exception of Form 941 which is a quarterly form, all others are filed annually with the IRS to report certain payroll-related taxes. Here is an overview of these forms and their specific purposes.
Form 941 is the Employer’s Quarterly Federal Tax Return and is used to report income taxes, Social Security taxes, and Medicare tax withheld from employee’s paychecks as well as pay the employer’s portion of social security and medicare tax. As a semiweekly scheduled depositor, it is imperative to complete 941, Schedule B. This form is utilized to report the employer’s tax liability accurately.
Form 941 (Schedule R) is required for CPEOs and Section 3504 reporting agents in addition to the aggregate Form 941. This simplifies the aggregate reporting process by allocating aggregate wages reported on 941 to each of their clients. This aggregate form is also filed quarterly.
Form 941-PRis the Puerto Rican version of the Employer’s Quarterly Federal Tax Return, it is also filed quarterly.
Form 941-SSis the U.S. Territories Employer’s Quarterly Federal Tax Return filed by wage-paying employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands. You will need to file this form quarterly if you own and operate a business with employees in U.S. territories.
Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. The FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Only employers pay FUTA tax and it is not deducted from employees’ wages.
Form 940 (Schedule R) is required to be attached to Form 940 for CPEOs and agents of home care service recipients approved by the IRS under Section 3504. This simplifies the aggregate reporting process by allocating aggregate wages, taxes, credits, deposits, and payment amounts to be reported on Form 940. It is also an annual return.
Form 943 is the Employer’s Annual Federal Tax Return for Agricultural Employees.
It is used by employers in the agriculture industry to report tax withholding for farm workers.
Form 944is the Employer’s Annual Federal Tax Return. It is specifically designed for small business owners to report annual federal income tax and FICA tax with the IRS. Small employers with an annual liability of $1,000 or less for social security, medicare, and federal income tax have to file annual information returns instead of the quarterly form 941.
Form 945is the Annual Return of Withheld Federal Income Tax, used to report tax withheld under backup withholding requirements from all non-employees, independent contractors, or freelancers.
What are the 94x Filing Deadlines for the 2023 Tax Year?
The deadlines for each of these forms are as follows:
Form 941- January 31, 2024 -Fourth quarter Deadline
Form 941 (Schedule R)-January 31, 2024 -Fourth quarter Deadline
Form 941-PR – January 31, 2024 -Fourth quarter Deadline
Form 941-SS – January 31, 2024 -Fourth quarter Deadline
Form 940 January 31, 2024
Form 940 (PR) – January 31, 2024
Form 940 (Schedule R)- January 31, 2024
Form 943 – January 31, 2024
Form 944 – January 31, 2024
Form 945 – January 31, 2024
Streamline 94x E-filing solutions from TaxBandits!
For businesses, tax pros, and service providers of any scale, TaxBandits has your back for a seamless 94x filing experience. Beyond handling Forms 1099, 1095, and W-2, our platform lets you dive into the 94x Series well before the January 31st cutoff. We bring you convenience with various features like:
Bulk uploads to file multiple returns
Internal Error checks aligned with IRS rules for accurate filing
Easy e-signatures for instant filing
Save galore with prepaid credits.
It’s your one-stop solution to breeze through tax season.
Ready to get a headstart on tax season? Create your free TaxBandits account today!