Can I Still File Form 941 if I Missed the Deadline?

Missed the 941 third quarter deadline? Here's what you should do.

At TaxBandits, we get this question pretty often around the quarterly Form 941 deadlines, that’s why we are putting together all the information needed to handle the late filing of Form 941. 

The deadline has passed, now what?

You will still need to file your Form 941 with the IRS. The sooner you do so, the better. As you put off filing, penalties will accrue, that’s going to become a problem, so the best thing to do is file, even if you are a few days late. 

What are the penalties for late filing? 

If you fail to file Form 941 by the deadline, you will be penalized 5% of your balance due each month that your tax return is late. This penalty will continue for up to 5 months or 25% of your balance due. 

You will be penalized an additional amount for a late payment or failing to pay the correct amount to the IRS. You could be charged anywhere from 2-15% of your total payment, depending on how late your payment is. 

As you can see, trading penalties for additional time to file is a choice that won’t pay off in the long term. 

Before we jump in, it is important to point out that the IRS instructs employers who made their deposits on time and in full are allowed to file their Form 941 by the 10th day of the second month following the end of the quarter.  

What information do I need to File?

To file your form, you will need the following information in hand:

  • Your basic business information (name, address, EIN)
  • Details about the wages, tips, or compensation that was paid to your employees
  • Any information regarding COVID-19 tax credits
  • Information regarding any deferrals to the employer or employee portions of Social Security taxes

Now it’s time to sign into your TaxBandits account, or create a free account if you don’t already have one!

How do I file with TaxBandits?

As you may know, the IRS prefers electronic filing to paper filing. One of the many advantages to filing electronically, especially with TaxBandits is that we continue to update you of your return’s status with the IRS. Since you are filing after your deadline, you will want to be assured that your Form 941 has reached the IRS and has not been lost in the mail somewhere, or waiting for weeks to be processed once at the IRS. 

When filing with TaxBandits, the process is simple and time-saving. Here is all you need to do:

  1. Choose your tax year and quarter, in this case it will be the third quarter. 
  2. Enter wages and tips withheld followed by your social security and Medicare taxes.
  3. Didn’t pay any wages this past quarter? Select the Zero Filing feature and you don’t even have to fill out your form, our application will automatically generate zeros where they are needed and take you to the final page for your review. 
  4. Have a balance due to the IRS? Choose your payment method.
  5. Enter your monthly or semi-weekly tax liability.
  6. Review all of your form summary and be sure that you have entered all of your information correctly. You can even use Worksheet 1 to help you calculate your refundable and nonrefundable portions of COVID-19 tax credits. 
  7. Time to transmit your Form 941 to the IRS. That’s all there is to it!

Check out this video for a guide to filing Form 941!

Now, all that’s left to do is create your free TaxBandits account and e-file your Form 941 today!

Form 941

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