IRS penalties might be the scariest thing you face this Halloween! Remember the Form 941 deadline for the third quarter is November 2, this is only a few days away.
If you need some motivation to complete your filing, then these IRS penalties are sure to get you moving!
What are the IRS penalties For Filing Form 941 Late?
For every month that your business is late filing Form 941 to the IRS, you will incur a penalty totaling 5% of your balance due to the IRS. You will continue to incur this penalty every month for up to 5 months or 25% of your total balance due.
After this point if your business has still failed to file you will be charged .5% of the tax payment owed to the IRS. This will increase to 1% of your total balance ten days after you receive a notice of levy from the IRS.
If you are looking to speed up your filing process and ensure that your form makes it to the IRS in time this quarter is to file electronically. The pandemic has really slowed down the pace in which the IRS can process paper forms that they receive by mail. This is just one reason that e-filing is more convenient.
Filing electronically is also known to increase the accuracy of your tax forms as applications like TaxBandits have built-in error checks that catch many common errors.
Don’t fall behind this quarter!
There’s no need to fall behind this quarter when you can easily get ahead with TaxBandits. We make e-filing your Form 941 as easy as possible! Our application guides you through the filing process, we even support Worksheet 1 to help you calculate your COVID-19 tax credits.
We check your information against the IRS business rules to catch common mistakes and we can even facilitate your payments to the IRS. Once your form is transmitted we will keep you updated with your IRS filing status. TaxBandits is the complete solution from start to finish!