Form 941 for Q2, 2024: Updates Your Business Needs to Know

What's new to the 941 process for Q2, 2024? Find out!

As we wrap up the second quarter, another Form 941 deadline is on the horizon. In preparation for this, It’s essential for businesses to revisit the latest updates to Form 941 for a smooth and successful quarterly filing!

In this blog we’ll recap the latest IRS updates to Form 941 for 2024, and a new TaxBandits feature that will save you time when you come back to file with us this quarter!

What’s New from the IRS for Q2, 2024?

Currently, there are no major changes to Form 941 for Q2, 2024. However, some minor changes in the IRS business rules validation and schemas have been released. In response, TaxBandits has updated our e-filing system to accommodate them!

Starting last quarter, the IRS removed the ability to claim COVID-19-related tax credits, specifically the Employee Retention Credit (ERC). You’ll find that these lines are also removed from the Q2, 941 Form.

Line 5a(i) – Qualified sick leave wages
Line 5a(ii) – Qualified family leave wages
Line 11a to 11g – Non-refundable portion of the credit for the leave taken before April 1, 2021, has been removed from Form 941. Instead, Line 11 will have the information regarding Form 8974.
Lines 19 to 28 have also been removed from Form 941.

Additional Updates to Form 941 for 2024:

Employers will continue to be affected by the following changes that were made by the IRS for the first quarter of 2024. Here is a quick recap:

The social security wage base limit has been increased from $160,200 to $168,600.
Household employees who earn more than $2,700 and election workers who earn more than$2,300 are applicable for filing FICA taxes.
COVID-19-related credits for qualified sick leave and family leave wages has been
Form 941-SS and Form 941-PR are not required to file after 2023. Instead, you can file using Form 941-SP.
Publications- 51, 80, and 179 are no longer required after 2023.

Qualified states for Tax reliefs (Form 941-Q2, 2024)

The deadline to file Form 941 for the second quarter is July 31, 2024. Employers must file on time to avoid penalties. However, the IRS has announced tax relief for individuals and businesses in certain states due to natural disasters. The Form 941, Q2, deadline has been extended until November 1, 2024 for eligible businesses and taxpayers.

West Virginia and Kentucky have been affected by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that began on April 2, 2024.

Preparing your Business for Smooth 941, Q2 Filing

To file Form 941 for Q2 2024 on time and avoid IRS penalties, ensure you have all necessary payroll records, documentation, and business information ready. To ensure that you are able to successfully e-file 941 for your business, you’ll need the following information:

Employer Identification Number (EIN)
Business name and address
Number of employees compensated during the quarter
Wages paid to the employees
Federal income tax withheld
Social Security and Medicare taxes withheld
Additional Medicare tax withheld

Once you’ve gathered all of this information, you can start to file for Form 941 with TaxBandits!

E-filing Form 941 for Q2 is Simple with TaxBandits!

The IRS has released updates for Form 941 for Q2 2024, including changes to business rule validation, schemas, and an extension for certain states.

As the filing deadline approaches, prepare your documents for e-filing. TaxBandits simplifies this process, allowing you to e-file Form 941 quickly and pay your IRS tax deposits through TaxBandits EFTPS Payment Solution efficiently. E-filing with TaxBandits ensures faster processing and easy access to stored records, which you can download anytime. You can also copy data from previous records for convenience.

For a stress-free filing experience, choose TaxBandits for your 2024 941, Q2 e-filing needs.