Fall is in the air, summer is behind us, and so is the third quarter of Form 941.
TaxBandits has your 941 e-filing needs on lock, you can sign in to your account and begin completing your Q3 Form 941 whenever you have your information ready.
For reference, Form 941 is a quarterly IRS payroll tax form that is a filing requirement for employers that pay wages to workers and withhold taxes from these wages. The deadline to file 941 this form for the third quarter of 2023 is October 31, 2023.
Trust us, the only thing scarier than your office’s Halloween costume contest is unwanted and unnecessary IRS penalties.
Keep reading for a quick overview of the information you need to get started on your 941 filing this quarter.
What Businesses are Required to File Form 941?
Companies that pay their workforce and manage tax deductions from these earnings must submit Form 941 to the IRS on a quarterly basis. However, there are some notable exceptions.
For instance, small businesses, those with less than $1,000 in tax liability, can seek approval from the IRS to opt for the annual Form 944 instead of the quarterly filing. Approval must be given by the IRS before the business discontinues its Form 941 submissions.
Household employers and agricultural enterprises also follow distinct filing protocols. Agricultural employers must file Form 943 specifically.
Additionally, seasonal employers have different filing requirements. They are only obligated to electronically submit Form 941 for 2023 during the quarters in which their business was operational and open.
What is Form 941, Schedule B?
The key takeaway for 941 Schedule B – it is used to report the business tax liability, not the tax deposits made to the IRS. This is only required to be completed and attached to Form 941 if the business is operating as a semi-weekly depositor. This means that the business makes deposits to the IRS several times during the week. They generally meet one of these requirements:
If they are reporting more than $50,000 in employment taxes for the previous period
If they have accumulated $100,000 or more in tax liabilities for the current or past calendar year
For more information on deposit schedules, check out this blog post.
Are there any IRS Updates to Form 941 for Q3?
No, there are no notable differences between the Form 941 that your business filed for Q2! There are a few general updates to 941 filing for the 2023 tax year. Here is a quick recap-
The wage base limit for social security is $160,200 for the 2023 tax year.
Employers that complete Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities, can claim up to $500,000 due to the Inflation Reduction Act of 2022.
Simplify your 941 Filing this Quarter with TaxBandits!
With TaxBandits, the 941 filing process is easy and affordable. We offer time-saving features that will help you file accurately and efficiently. Here are a few awesome TaxBandits features that you can take advantage of when filing this quarter!
Built-in Error Checks – TaxBandits audits your forms for accuracy using the IRS Business Rules.
Bulk Upload feature – Filing for many clients? No problem! Import all of your client’s form information at once to generate their 941 forms.
All supporting forms are included – Schedule B, 8453-EMP, 941-V, 8974, and any applicable worksheets
Easy E-signature options – E-sign the form using your Online Signature PIN or Form 8453-EMP.
Save time and money – Prepaid credits help you save money and simplify the checkout process.
Pay your balance due to the IRS – EFW, EFTPS, credit card, check, money order.
Ready to get ahead of your Form 941, Q3 Deadline with TaxBandits? Get started now!