Has The Form 941 Deadline Changed In Response To COVID-19?

The IRS has released a draft of the new Form 941. This draft will be finalized and released for the second quarter deadline.

There have been so many changes to the IRS deadlines this year due to COVID-19, it is hard to keep track of them all. As an industry leading IRS Authorized E-file Provider, the TaxBandits team is here to help you stay in the know and be prepared for your IRS deadlines. 

Our clients have had many questions lately about the Form 941 deadline. So, let’s jump right in and answer your questions. 

Has The Deadline Changed For Form 941?

No, the deadline has not been extended for Form 941. The first quarter deadline of 2020 remained as scheduled on April 30, 2020. The next upcoming deadline for the Form 941 is July 31, 2020. This deadline is not expected to be extended or adjusted. So, you should plan to file this form as planned.  

The deadline for Form 941 may not be affected by the COVID-19 pandemic, however, the Form 941 itself has undergone many changes to adjust to the tax credits created under the CARES Act and the Families First Coronavirus Response Act. The IRS has released a draft of the new Form 941. This draft will be finalized and released for the second quarter deadline. 

To learn more about the new Form 941, check out this blog post

Remember, if you have made your deposits accurately and on time for the quarter, the IRS allows you to file on August 10, 2020

What Are The Deadlines For Form 941?

As the Form 941 is a quarterly tax form, there are several deadlines that businesses must adhere to. The first quarter deadline for the months of January, February, and March has already passed on April 30, 2020. Here are the deadlines that businesses will need to meet for the rest of 2020.

July 31, 2020– April, May, and June

October 31, 2020– July, August, and September

January 31, 2021– October, November, and December

What About Form 941 Tax Deposits?

As a form of tax relief due to COVID-19, the IRS is allowing employers to defer their share of Social Security taxes. It is significant to note that this deferral only applies to the employer’s share of the Social Security taxes, the employee’s share must still be withheld from their paycheck. It is also important to know that this deferral does not apply to Medicare taxes. The withheld Medicare taxes from both the employer and their employees are not eligible for deferral. 

Social Security taxes can be deferred between March 27, 2020 and December 31, 2021. It is important to document these defferements on the Form 941 for the second quarter of 2020.  

The TaxBandits Solution

The team of experts behind the TaxBandits software ensures that all updates to IRS Tax Forms are updated when necessary. Whether you are an experienced filer or a new business owner who is trying to figure it all out, we offer great features for an excellent value. With an awesome support team to assist you and a simple, streamlined e-file process, you just can’t go wrong when you choose TaxBandits!

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