Avoiding IRS penalties is super easy when you plan ahead and know exactly where to file Form 941, Employer’s Quarterly Federal Tax Return. TaxBandits is an IRS-authorized comprehensive solution for generating and e-filing in the simplest and quickest way possible.
Our team is here to help your business by providing easy to understand IRS information. Here, we will focus on how to avoid Form 941 IRS penalties with TaxBandits.
How To Avoid Form 941 IRS Penalties With TaxBandits
Filing and Paying Late
This is what to expect if you fail-to-file and pay your second quarter 2018 941 Form by July 31st.
A failure-to-file on time results in a 5% penalty of the total tax amount due. You will be charged an additional 5% each month the return is late, for up to 5 months.
Also, you will also be penalized for paying late. Initially, this will be .5% of the unpaid tax amount and will be charged each month following the payment due date. The penalty will increase to 1% of the tax amount ten days following a notice that they intended to levy. This notice is a final warning that the IRS is prepared to legally seize your property to satisfy the unpaid tax debt. The IRS can garnish wages, withdraw money from your bank account or possess other personal property. However, the penalty will be capped at 25% of the total tax due.
These penalties are for amounts that are not fully or timely deposited on time. For payments made 1 to 5 days late, you will be charged a penalty of 2% of the unpaid tax, whether the full amount or the remaining balance. Deposits paid 6 to 15 days after the due date will be charged 5% of the unpaid amount.
Once you exceed 16 days, you will be penalized 10% of the unpaid tax amount until ten days after you receive your first notice from the IRS. Following this, you will be charged 15% and must pay immediately, or the IRS will be given the legal right to seize the unpaid tax plus penalties.
Avoid these Penalties
Now that you understand the penalties and what they entail, I am sure you will avoid having to pay them. Your second quarter 2018 941 Form reporting wages and taxes for April to June are due by July 31st.
Where to File Form 941?
If you find yourself asking “where to file Form 941” we have the ultimate solution. To avoid hefty IRS penalties simply use TaxBandits to e-file and pay any owed taxes on time with our quick, easy and secure step-by-step filing process. We also assist filers with built-in error checks, bulk upload data, and experienced US-based customer support.
If you have any questions about e-filing your first quarter 941 Form with TaxBandits, we are available by phone, live chat, and email to help!
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