The 411 Employers Need To Know About IRS Form 941
Running a successful small business takes more than just a good product and innovative marketing techniques.
Along with payroll comes taxes and employment tax forms. All of which you have to handle with the IRS each quarter.
Failing to file quarterly taxes can quickly result in hefty penalties that will set your business back financially.
We want to see you succeed, so with the quickly approaching 2nd quarter deadline on July 31, we’ve gathered the 411 employers need to know about IRS Form 941.
IRS Form 941…What’s That?
If you’re an amateur to Form 941 quarterly filings, it’s okay! You’ll be up to speed after reading this blog and e-filing with TaxBandits.
IRS Form 941 is a payroll tax form filed by employers every quarter. Due at the end of April, July, October, and January, 941 Forms are used to report withholding amounts for federal income taxes, Social Security & Medicare taxes, employer payments for withholding amounts, along with any additional amount that you owe the IRS.
This Form Has Multiple Due Dates…Really? 🤦♂️
Yes, IRS Form 941 must be filed quarterly (four times a year) with due dates following the end of the last month in each quarter.
Form 941 Quarterly Filing Deadlines for 2019 Tax Year
First Quarter (January – March) – April 30, 2019
Second Quarter (April – June) – July 31, 2019
Third Quarter (July – September) – October 31, 2019
Fourth Quarter (October – December) – January 31, 2020
Note: Quarterly due dates that fall on a holiday or weekend day will be due on the following business day.
What Information Do I Need To E-File Form 941?
We’re glad you asked! Here’s what you’ll need to quickly e-file online using TaxBandits:
Employer Details: Name, EIN, and Address
Employment Details:
- Employee Count
- Medicare Tax and Social Security
- Deposit Made to the IRS
- Tax Liability (Monthly/Semiweekly)
- Signing Authority Information
- Online Signature PIN or Form 8453-EMP
How To E-File Your 941 Form
Once you have gathered the information you need, follow these simple steps to handle your quarterly employment taxes:
Sign in or create your TaxBandits account- Select “Form 941”
- Enter employer details
- Choose tax year/quarter
- Follow our interview-style process
- Enter the deposit made to the IRS
- Enter your deposit schedule and tax liability
- Enter the online signature PIN or complete Form 8453-EMP
- Review, pay and transmit your form directly to the IRS
File Now To Avoid IRS Penalties
The countdown to the July 31 deadline for 2nd quarter taxes has begun! Create your free account today and file before it’s too late.
