Get Ahead of the Tax Season: TaxBandits Now Supports E-Filing of Forms 941 (Q4, 2024), 940, 944, and 945 for 2024 Tax Year!
The holidays are approaching, and the New Year is right on its heels! Tax season is almost here, and it’s time to get organized. If you have already started preparing Forms 1099, W-2, and 1095-B/C for your business, Don’t forget to tackle the 94x Forms as well—it’s essential to file them without delay!
94x Series Forms – An Overview
There are several forms in this series. Except for Form 941, a quarterly form, all others are filed annually with the IRS to report certain payroll-related taxes. Here is an overview of these forms and their specific purposes.
- Form 941 is the Employer’s Quarterly Federal Tax Return. It is used to report income taxes, Social Security taxes, and Medicare tax withheld from employee’s paychecks and pay the employer’s portion of social security and medicare tax. As a semiweekly scheduled depositor, completing 941, Schedule B is critical. This form is used to report the employer’s tax liability accurately.
- Form 941 (Schedule R) is required for CPEOs and Section 3504 reporting agents in addition to the aggregate Form 941. This simplifies the aggregate reporting process by allocating aggregate wages reported on 941 to each of their clients. This aggregate form is also filed quarterly.
- Form 941 (sp) is the Spanish version of Form 941. The IRS has announced that Form 941 SS and Form 941 PR will be discontinued for the 2024 tax year. Employers in U.S. territories and Puerto Rico must use Form 941 SP to report their federal income, Social Security, Medicare, and FICA taxes for 2024. However, employers can still use Form 941 PR and Form 941 SS for previous tax years. This form is also filed quarterly.
- Form 944 is the Employer’s Annual Federal Tax Return, tailored for small business owners to report annual federal income tax and FICA tax to the IRS. Small employers with an annual liability of $1,000 or less for Social Security, Medicare, and federal income tax must file annual information returns instead of the quarterly Form 941.
- Form 945 is the Annual Return of Withheld Federal Income Tax, used to report tax withheld under backup withholding requirements from non-employees, independent contractors, or freelancers.
It is important to note that all these forms are due by January 31, 2025.
Streamline Your 94x E-filing with TaxBandits!
Filing employment, payroll, and FUTA taxes doesn’t have to be complicated or time-consuming. At TaxBandits, we’re dedicated to simplifying the 94x e-filing process with innovative features that save you time and effort while ensuring compliance.
Whether you’re filing for a single business or managing filings for multiple clients, TaxBandits is the best choice for businesses, CPAs, EROs, reporting agents, or aggregate filers, as it has the outstanding features you need for a smooth experience.
- Bulk upload: Simplify the process by uploading all your clients’ filing information at once. This eliminates manual entry and allows you to complete filings securely and efficiently.
- Copy return: Use our ‘Copy Return’ feature to copy data from previous filings to your current return, ensuring consistency and speeding up the process.
- Team management: Collaborate effortlessly with your team. Assign roles and responsibilities to streamline your workflow, making tax season stress-free and productive.
- Zero reporting is effortless. If you have no taxes to report, filing is a breeze. You can report zero wages with just one click, saving time and effort.
- Multi e-sign: This feature allows you to request and collect e-signatures from multiple clients and finalize them all in one go. It is perfect for saving time and ensuring smooth communication with clients.
- Balance due payment options: You can pay your balance due on Form 941 using your preferred payment method, including credit/debit cards, EFW (Electronic Funds Withdrawal), and EFTPS (Electronic Federal Tax Payment System). For businesses, TaxBandits offers an integrated EFTPS solution to ensure on-time federal tax payments every time.
At TaxBandits, we’ve designed every feature with you in mind. From error corrections and flexible payment options to tools like bulk upload and multi-e-sign, we make filing 94x forms less stressful and more efficient. Our developer-friendly API for Form 940,941,943, and 944 filing allows you to automate the process and scale your operations efficiently.
Ready to streamline your tax filing process for the 2024 tax season? Start e-filing your 94x forms with TaxBandits today!
