The big day is almost here! It’s the IRS Form 941 2018 2nd Quarter filing deadline. If you own and operate a business with employees, you need to file Form 941 for 2018 by midnight on July 31st or face major IRS penalties.
If you are not ready to file your 941 Form 2018, try not to panic… yet. TaxBandits has a tax filing solution that will not require an all-nighter leaving you looking crazy in the morning. But the clock is ticking so let’s learn how to handle filing IRS Form 941 for 2018 at the last minute.
How To Handle Filing 941 Form 2018 At The Last Minute
IRS Form 941 2018 Overview
Before we talk about how to handle filing Form 941 for 2018, let’s review who is required to file and what it entails.
IRS Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes due 2018. All wage paying employers must file the IRS Form 941 quarterly.
You the employer are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s salary. IRS Form 941 is used to calculate the employer’s portion of Social Security and Medicare tax. This Form is filed four times a year, with the second quarter due on July 31.
When preparing to file, be sure to go over the Form 941 for 2018 checklist, as the following information is required to complete it:
- Total Employee Count
- Medicare Tax and Social Security
- Deposit Made to the IRS
- Tax Liability (Monthly/Semiweekly)
- Signing Authority Information
- Online Signature PIN or Form 8453-EMP
Steps To E-File Form 941 for 2018
Filing IRS Form 941 2018 with TaxBandits is simple! Just follow these steps to complete your quarterly filing:
- Sign in or Create your TaxBandits account
- Select “Form 941”
- Add employer details
- Choose tax year/quarter
- Follow Interview-Style Process
- Enter the deposit made to the IRS
- Enter your deposit schedule and tax liability
- Add your online signature PIN or complete Form 8453-EMP
- Review, pay and transmit your form directly to the IRS
Signing Form 941 Online
When you file Form 941 online you are required to electronically sign your form before transmitting to the IRS. There are two ways you can do this with TaxBandits. You can use your IRS online signature or use Form 8453-EMP.
To use Form 8453-EMP simply download it, fill it out, and re-upload it to the system. The entire process only takes about a minute.
Failing to file Form 941 by its deadline can affect a business negatively — small businesses especially. For example, if you fail to file your 941 Form by July 31, your business will incur a penalty of 5% of the total tax amount due. An additional charge of 5% per month will also be charged for each month that the return is not submitted to the IRS. This fee can accumulate for up to 5 months.
Furthermore, if your business has failed to pay an owed tax bill, you will initially be charged an additional 5% of the unpaid tax amount. This fee will also increase each month that the payment remains unpaid.
Filing Form 941 with TaxBandits is easy! Plus, if you need any assistance, our US-based TaxBandits support team is standing by ready to help you.
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