TaxBandits has created a new feature to help users breeze through their Form 941 filing, it’s called Zero Filing. This is a great, time-saving solution for employers with no taxes to report on their quarterly employment tax return.
Keep reading to learn more!
What is Zero Filing?
When employers begin to complete their Form 941 for the 3rd quarter, some may realize that they don’t have any employment taxes to report for the quarter. This feature eliminates the need to navigate through every page of the form.
Our software will generate your Form 941 with zeros in all of the correct fields so that you don’t have to. This way you can be sure that you haven’t accidentally overreported your taxes, which you would have to go back and correct with a Form 941-X later.
Whether you are reporting your employment taxes for your own business or on behalf of your many clients, this time-saving hack will improve your e-filing experience this quarter.
How Does it Work?
Using this feature is as easy as checking a box. You will log in or create your TaxBandits account and select the form you want to file (Form 941). You will be prompted to select the tax year and specific quarter that you are filing for.
Under your business details, be sure to click the box, “Check here if no payments were made to employees in quarter”.
Once you select this the following sections of the Form 941 will automatically be filled-in with zeroes.
Part 1- Lines 1 through 15
Part 2- the deposit schedule will be set to minimum tax liability since there are no taxes to report.
Part 3- Lines 19 through 25
If applicable, please indicate whether you are a seasonal employee or if your business closed, so the IRS is aware of why you have no employee payments during the quarter.
When is Form 941 Due to the IRS?
Be sure to mark your calendar, as the Form 941 deadline for the 3rd quarter is approaching. The deadline to file this form for the IRS is generally October 31. Because this date falls during a weekend this year, you must file on November 2, 2020.
TaxBandits has all the tax forms your business may need, including the more recent Form 7200, for requesting advanced credits due to COVID-19.