The Extended Deadline for 941 and 940 Forms is February 10! Are You Eligible?

reading time: 16 minute(s)

Did you miss the deadline to file payroll forms? It can result in huge penalties for businesses that fail to file on time. But what if you have an extension to your filing? Are you aware of the extended deadline for 940, 941, and other 94x forms?

Understanding these deadlines and their requirements is crucial for staying compliant with IRS regulations and avoiding unnecessary penalties.

In this blog, we’ll break down the details of this extension, who qualifies, and the steps you need to follow for a smooth filing process.

Let’s dive in!

See If You are Eligible for This Extended Deadline

If you missed the January 31 deadline, there’s good news: You may still have time to file your payroll tax forms if you have met the following condition: 

The IRS provides an extended filing deadline of up to 10 days for businesses that have made timely and full deposits of payroll taxes throughout the year.

For Example, If you have made timely deposits in full payment for the fourth quarter form 941, you can file your payroll forms until February 10, 2025.

This extended deadline applies to the following tax forms as well if any taxes were paid on time:

• Form 940: If you deposited all your FUTA tax when it was due.
• Form 941: If you made timely deposits in full payment of your taxes for the quarter
• Form 943 – Employer’s Annual Federal Tax Return for Agricultural Employees, used to report Social Security, Medicare, and federal income tax withheld from agricultural employees.
• Form 944 – Employer’s Annual Federal Tax Return, used to report the annual tax liability of small business employers.
• Form 945 – Annual Return of Withheld Federal Income Tax, used to report the withheld federal income tax for nonpayroll payments such as pensions, military retirement, gambling winnings, gaming profits, and backup withholding.

Haven’t Made Tax Filings and Payments Yet?

Get it done faster! Stay away from the penalty for failure to file forms and failure to deposit taxes. If you still don’t file, you will get a penalty notice from the IRS. 

Here is an overview of the potential penalties that the IRS may impose for late filing and payment.

Penalties for late filing:

You will incur a penalty of 5% of the total tax amount. If you continue to fail to file the payroll tax returns, an additional 5%  penalty will be imposed. This can increase up to 25%, which is for five months.

Penalties for late payment: 

If you fail to make tax payments associated with your payroll tax forms on time, you will be penalized as follows.

• Failure to Deposit Penalty: The amount of penalty for the deposits made late is calculated based on the number of calendar days it is late.
  • 2% if payment is 1-5 days late
  • 5% if 6-15 days late
  • 10% if more than 16 days late
  • 15% if not paid within 10 days of receiving an IRS notice

• Failure to Pay Balance Due: If you fail to pay the taxes (balance due) you owe on your tax return, you will be initially penalized with 0.5%, which may increase up to 25%.

So, What’s Next?

Once you realize you’ve missed the filing deadline for payroll tax forms, it’s important to act quickly. Typically, the IRS will take some time to assess businesses that have missed their deadlines. However, it’s crucial to file your tax returns and pay any outstanding balances as soon as possible—ideally, even before the IRS sends you penalty notices. The sooner you take action, the better it is for your business.

Filing Your Tax Forms: Don’t Wait

If you’ve already deposited your taxes on time, you’re in luck. You can still take advantage of the extended deadline of February 10, 2025. This extension gives you additional time to file your 940, 941, and other 94x forms without incurring further penalties.

Paying Any Unpaid Taxes: Avoid High Penalties

It’s not just about filing your forms—paying any outstanding taxes is crucial. The penalty for unpaid taxes can be substantial, so it’s always in your best interest to pay as soon as possible.

By making your payments promptly, you can avoid additional penalties, reduce interest charges, and keep your business compliant. You can pay taxes using any of the IRS-recommended methods.

• EFTPS (Most Recommended) 
• Check or Money Order 
• EFW
• Credit or Debit Card

With the TaxBandits EFTPS payment option, you can pay your IRS tax dues effortlessly and manage your filings, all from one place.

Received a Penalty Notice from the IRS?

If you’ve already received a penalty notice from the IRS, it’s crucial to take immediate action to resolve the situation. As soon as you receive the penalty notice, file your forms and pay any outstanding taxes without delay. This will help prevent further penalties and interest from accruing. In addition, you may need to provide an accurate explanation for the delay in filing or deposit, which could help reduce or eliminate the penalty.

Click here to learn more about the IRS notices related to payroll tax forms.

Take Advantage of the Extended Deadline with TaxBandits

If you’ve missed the deadline to file your payroll tax forms, don’t worry—the extended deadline of February 10, 2025 is your chance to get back on track. With TaxBandits, you can file your Forms 940, 941, and other 94x forms quickly and accurately, ensuring compliance and avoiding additional penalties.

Take advantage of this extra time to get your filings in order and avoid the stress of dealing with penalties later. Our AI-powered support and world-class customer service are here to guide you through every step of the process.

Ready to file your 94x form?

Check out our walkthrough videos to explore how TaxBandits simplifies your 94x e-filing process: