Form 941 Checklist for the Second Quarter 2024 Deadline
The deadline for filing 941 for the second quarter of 2024 is July 31st, 2024, which is approaching soon. As this deadline approaches, it’s natural to feel the pressure of ensuring everything is completed correctly and on time. But, TaxBandits has got you covered!
We are bringing you a checklist to help you complete your Form 941 and return to what you would rather be doing, like packing for your summer vacation!
Understand the Form 941 Filing Requirements
If your business pays wages to employees and withholds Social Security, Medicare, and income taxes from these wages, you are generally required to file Form 941 each quarter. Even if you didn’t pay any wages during the second quarter (Q1), you are still most likely required to file this form if your business is open for operations.
However, there are some exceptions to this general rule:
- Agriculture Industry: If your business is in agriculture and you specifically employ farm workers, you may be required to file Form 943 annually instead of Form 941 quarterly.
- Household Employers: If you are a household employer and pay your employees below a certain threshold, you might not need to file Form 941. It’s a good idea to check with the IRS for specific guidelines related to household employment.
If your business operates only during specific times of the year – such as holiday retailers, summer camps, or tax preparers – you still need to file Form 941 for the quarters in which you are active. Even though your business may not be in operation year-round, you must file Form 941 for any quarters in which you paid wages or were otherwise active.
Understand and Complete the IRS Schedule B (Form 941) if Required
When filling out Form 941, it’s crucial to understand and accurately complete Schedule B (Form 941), which outlines your business deposit schedule.
Suppose your business reports more than $50,000 of employment taxes in the lookback period or accumulates a tax liability of $100,000 on any day during the quarter. In that case, the IRS will consider you a semiweekly depositor –Schedule B (Form 941). This is a significant classification that requires your attention. It’s important to note that you must complete and attach Schedule B to Form 941.
Schedule B(Form 941) gives the IRS a breakdown of your business’s tax liability (not the IRS deposit) for each quarter day.
Be Aware of Key Changes to Form 941 for the 2024 Tax Year
The IRS has updated Form 941 for the 2024 tax year, resulting in several changes.
1. The Social Security wage base limit for 2024 has been increased to $168,600 from $160,200. Medicare tax rates have not changed.
2. In 2024, Social Security and Medicare taxes will apply to household employees who are paid $2,700 or more and election workers who receive $2,300 or more.
3. From the 2024 tax year, Form 941 introduced a significant change, particularly regarding the handling of COVID-19 credits for qualified sick and family leave wages. Employers can no longer claim credits for previous quarters on Form 941. The following lines have been removed from Form 941:
- Lines 11a – 11g
- Lines 5a(i) and 5a(ii)
- Lines 13a – 13i
- Lines 19-28
4. After 2023, Form 941-SS and Form 941-PR will be discontinued. Employers in the U.S. territories will use Form 941 to report their tax withholdings. Alternatively, you can use the new Form 941 (sp) if you prefer the 941 Form to be in Spanish.
Know the Deadlines for Filing Form 941
The due date for filing Form 941 is the last day of the month following the end of each quarter. Here’s when you need to submit it:
- First Quarter: For wages paid in January, February, and March, your Form 941 is due by April 30, 2024.
- Second Quarter: The deadline for wages paid in April, May, and June is July 31, 2024.
- Third Quarter: You must file by October 31, 2024, for wages paid in July, August, and September.
- Fourth Quarter: For wages paid in October, November, and December, the Form 941 is due by January 31, 2025.
If the due date falls on a federal holiday, your filing deadline will be extended to the next business day. Plan and file on time to avoid any penalties or interest.
Check IRS Updates: Disaster-Related Tax Relief for Form 941( Q2, 2024)
The Internal Revenue Service (IRS) has issued an important announcement regarding extending the tax filing deadline for taxpayers in West Virginia and Kentucky.
Due to the severe weather events, including storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that occurred starting on April 2, 2024, the IRS has extended the deadline for filing Form 941-Q2, 2024, for these states. Taxpayers in West Virginia and Kentucky now have until November 1, 2024, to file this form. This extension is a significant relief for those impacted by the severe weather conditions in these states, allowing them more time to fulfill their tax filing responsibilities.
Save Time with TaxBandits 941 Features
With TaxBandits’ easy and secure e-filing process, you can finish Form 941 2024 in just minutes!
TaxBandits is always focused on enhancing the filing process to simplify your tax filing. We have introduced some exciting features for the current second-quarter tax season:
1. Copy Return: You can save time by quickly copying the information from the previous quarter’s 941 return onto the current quarter, Q2 2024. This feature automatically fills in repetitive information for the current quarter and reduces errors.
2. Client Management: This feature enables you to grant each of your clients access to a secure portal. Your clients can set this up and continue to use it throughout the process for secure communication, file sharing, and reviewing and approving forms. BanditConnect is fully customizable, allowing you to keep your branding at the forefront.
3. Team Management: You can effortlessly invite and manage your team, customize roles (Preparer, Approver, and Reviewer), and easily track filing activities. This feature empowers you with the flexibility to manage your team and track progress with ease.
4. Prepaid Credits: Whether you’re a business owner, tax professional, or reporting agent, get prepaid credits. These credits save you time by letting you bypass the checkout process. They are designed to save you money with volume-based pricing.
5. Instant Status Updates: TaxBandits offers an all-in-one solution for quickly and accurately e-filing the 941 Form while providing secure updates on return status through instant updates or email notifications.
6. Bulk Uploads: Simplify your work process with our 941 bulk upload feature, designed for tax professionals handling multiple clients. Easily upload Form 941 data for numerous clients in one go, eliminating the need for individual form submissions. You can upload your data using our template or your own and then effortlessly generate your clients’ 941s!
Are you ready to start e-filing Form 941 for the second quarter of 2024? Create your free TaxBandits account today to get started!
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