Beware! The Deadline to File Your Q3 Form 941 has Arrived

Something spooky this way comes… 

If you guessed Halloween, you’re correct, but there is something even creepier lurking today…the Form 941 deadline for the third quarter of 2023!

That’s right, all businesses that are required to file Form 941 with the IRS to report the taxes withheld from their employee’s wages must do so by midnight or face potential penalties. 

Not sure where to start or if your business is even required to file? Then keep reading because this article will give you a last-minute overview of all things 941-related. Let’s take the fear out of your third-quarter payroll tax filing!

What is Form 941?

Starting with the ultimate basics, Form 941, Employer’s Quarterly Federal Tax Return is used to report the taxes withheld from employee wages. This being said the majority of business owners that have at least one employee on the payroll are likely required to file this form. 

Once a business files its initial Form 941, they are required to continue filing every quarter for as long as they are in business. Upon closure, they are still required to file a final return (they can check a box on the 941 to indicate the business is closing). 

For a complete overview of the 941 filing requirements, check out the IRS instructions here. 

What if my Business didn’t Pay Wages for Q3, 2023? 

This is a great question, in the majority of cases, your business is still required to file. If the business is a seasonal one that only operates during specific quarters every year, this is an exception to the rule. There are also exceptions depending on the nature of the industry you are operating in. For example, if you are in agriculture you may be required to file a Form 943 to report withholdings. 

When are the Quarterly 941 Deadlines?

The deadlines to file Form 941 to report wages paid to employees during the 2023 tax year are as follows:

• Q1:  May 1, 2023 
• Q2: August 1, 2023
• Q3: October 31, 2023 (Today)
• Q4: January 31, 2024 

What is the difference between Form 941 and Form 944?

This is a common question we hear from our clients, and for good reason! There are a few key differences between Form 941 and Form 944. 

Form 944 is also used to report the taxes withheld from employees. However, this is an annual form rather than a quarterly one. This form can be filed by the smallest of businesses with an annual tax liability of $1,000 or less in social security, Medicare, and federal income taxes. 

Businesses that meet the requirements will be notified by the IRS that they should file Form 944 annually. Otherwise, businesses must contact the IRS to confirm whether or not they are eligible to file annually. Until the IRS has confirmed this information, Form 941 should be filed to avoid possible penalties. Please note that you must reach out to the IRS with a written notice, and they must respond with a written confirmation before you can begin filing 944 instead of 941. 

For more information on where to send this request, see the IRS Mailing Address here. 

What is the easiest Filing Method for Form 941?

The IRS-prefered method of filing is electronic filing. Their reasoning for this is that forms that are filed electronically can be processed much faster and more efficiently. When mailing in a paper copy of Form 941, there is no process for the IRS to provide an update on the form. This means there is no way for you to confirm whether or not the form was received, processed, or accepted. 

On the other hand, when filing electronically, the IRS can provide status updates instantly. Choosing an IRS-authorized e-file provider is crucial, only companies that have this distinction are able to access and transmit forms to the IRS via their system. Plus, you can take advantage of many other benefits when using an e-file provider such as built-in error checks, bulk upload options, auto-calculations, and more!

If I File a Paper Form 941, What is the IRS Mailing Address?

Your business is able to file a paper form 941 if that’s your preference. However, it’s important to keep in mind that the IRS is updating the e-filing thresholds come tax year 2024. When filing a total of any 10 information returns for your business (this is a collective number), you will be required to e-file them. This takes effect on January 1, 2024. 

Here are the mailing addresses for Form 941, per the IRS:

Your State of Operations:	Payment included:	Payment not included:
Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin	Internal Revenue ServiceP.O. Box 806532Cincinnati, OH 45280-6532	Department of the TreasuryInternal Revenue ServiceKansas City, MO 64999-0005
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming	Internal Revenue ServiceP.O. Box 932100Louisville, KY 40293-2100	Department of the TreasuryInternal Revenue ServiceOgden, UT 84201-0005
No legal residence or principal place of business in any state	Internal Revenue ServiceP.O. Box 932100Louisville, KY 40293-2100	Internal Revenue ServiceP.O. Box 409101Ogden, UT 84409
Special filing address for exempt organizations; federal, state, and local governmental entities; and Indian tribal governmental entities, regardless of location	Internal Revenue ServiceP.O. Box 932100Louisville, KY 40293-2100	Department of the TreasuryInternal Revenue ServiceOgden, UT 84201-0005

Remember, if you are mailing in a payment, you should never send cash. When submitting a check or money order, Form 941-V (payment voucher) is required as well. The return and voucher must be postmarked by today (October 31st) to be considered on time by the IRS. 

Simplify Form 941 with TaxBandits!

Form 941 filing doesn’t have to be a complicated process. TaxBandits helps businesses, tax preparers, and service providers meet their quarterly filing deadlines with the IRS. Take advantage of these time-saving features to meet today’s deadline!

• Automatic tax calculations reduce the time it takes for manual calculations and eliminate the clerical errors that can happen as a result. 
• Built-in Error Checks using the IRS Business Rules help promote the accuracy of your form and prevent common filing mistakes that often result in an IRS rejection. 
• Bulk Upload templates are available to help you file multiple Form 941s for multiple clients/businesses. 
• Schedules and Attachments are supported. This includes 941 Schedule B, 941 Schedule R, Form 8974
• Easy e-signature options are available – choose to file using your Online Signature PIN (requested from the IRS) or Form 8853-EMP.
• No taxes to report for the quarter? Select the Zero Reporting feature to save time and skip through the filing process. 

Ready to get started? Create your free TaxBandits account today to file by midnight!

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