Everything Business Owners Need to Know About 941 Forms

What Is a Form 941?

What does every small business owner need to know about IRS form 941?

The 941 Form, Employer’s Quarterly Federal Tax Return, is used to report employment taxes. If you own and operate a business with employees, you will likely need to file IRS Form 941 four times a year. You, the employer, are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s paycheck. This form is also used to calculate the employer’s portion of social security and Medicare tax.

Who Needs to File Form 941?

Typically, all businesses that pay wages for employment are required to quarterly file Form 941 and continue to do so even if there are no employees during select quarters. However, the exceptions are seasonal employers and agricultural employees, who are not required to file each quarter.

What Will You Need to File?

To file, you will need your company/business details such as your EIN and preferably an Online Signature PIN. You don’t necessarily need a PIN to file, however, it will make the process simpler. If you don’t possess a PIN, you will need to complete and e-sign either Form 8453-EMP. Both forms are available here at ExpressTaxFilings!

Also, to file each quarter, you will need the following information: Number of employees, total paid wages, and the IRS tax amount you withheld during the quarter.

Don’t Have an Online Signature PIN?

Well, you’re in luck! Here at ExpressTaxFilings, not only can you file your 941 Form, but you can also apply for your Form 94x PIN for FREE.

Simply create or log into your ExpressTaxFilings account and select the Create New Form option. Select the 94x Online Signature PIN Request option, and you will then be prompted to enter your employer details. Or, if you’re a previous user, you can conveniently select your details from your address book. You will then arrive at the Request PIN screen where you will need to provide all the required information on you signing authority.

But Keep in Mind! It can take up to 45 days to receive your PIN. If you have not already applied, you will need to fill out Form 8453-EMP or 9979-EMP this quarter. But no worries: we have you covered, making filing quick, easy, and secure.

What if I File Late or Not at All!

Dun Dunn Dunnnnnnn!!! *Piercing screams in the distance*
A failure to file on time results in a 5% penalty on the tax return for each month the return is late. This penalty will cap at 25%.

The IRS will also heavily penalize you for late payment or not paying the full amount owed. You will be charged 2 to 15% of the unpaid tax determined by the number of days it remains unpaid.

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