How To Avoid Form 941 Penalties
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 the upcoming October 31 deadline, 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.
|
No. of Days
Following Deadline
|
Penalty Rate
|
Penalty on $3,000
(Based on Unpaid Tax Owned)
|
|
One to five days
|
2%
|
$60
|
|
Six to fifteen days
|
5%
|
$150
|
|
Sixteen or more days
|
10%
|
$300
|
|
10 Days After Receiving
Notice from IRS
|
15%
|
$450
|
Avoiding IRS Penalties
The trick to avoiding these expensive penalties and fees is to stay organized and e-file with ExpressTaxFilings. Yes, that was a shameless “plug,” but that really is the best way to avoid wasting unnecessary money on failure to file fees.
Filing with ExpressTaxFilings is simple and can be completed in just five steps. With the 3rd Quarter 941 Filing deadline around the corner, you might want to “get the ball rolling” soon. Here’s what you’ll need in order to file and avoid those unwanted fees.
Required Information to File Form 941
1) Employer Details — Name, EIN, and Address (of the employer)
2) Employment Details:
- Employee Count
- Medicare Tax & Social Security
- Deposit Made to the IRS
- Tax Liability (Monthly or Semiweekly)
- Signing Authority Information
- Online Signature PIN or Form 8453-EMP
One Last Thing
IRS penalties are avoidable when you plan ahead and know where to file your Form 941 efficiently. ExpressTaxFilings, is an IRS-authorized comprehensive solution for generation and e-filing your small business tax forms.
In order to avoid penalties be sure to deposit or pay your owed IRS taxes by the deadline along with your Employer’s Quarterly Tax Return Form. Also, you will need to report your tax liability accurately.
We’re Here To Help
Head on over to ExpressTaxFilings.com and eliminate the worry of accumulating late fees or penalties by filing on time. The entire filing process is incredibly easy. All you have to do is follow the step-by-step guide to complete your form in a matter of minutes. You will be able to finish your form and transmit it directly to the IRS in no time.
