How To File Form 941 for 2019 at the Last Minute and Avoid Penalties
It’s that time again. You knew it was coming. Still, it sneaks up on you, doesn’t it? As a business owner, it seems like your responsibilities never end. And there are so many agencies wanting you to check. It’s almost like it happens every few months.
Wait a minute. That’s exactly what’s happening!
Yes, it’s true. With great reward comes great responsibility, and if you’re in a boss position, then, guess what? You’ve got some responsibilities.
If you own and operate a business with employees, you need to file Form 941 for 2019 by the deadline or you could face major IRS penalties.
But what if you’re not ready to file your 941 Form 2019? Look. Don’t panic just yet. That’s…not attractive. Besides, TaxBandits can help! We have a tax filing solution for you that’s as smooth as strawberry pie! But hey, that doesn’t mean you can relax completely. Put your fork down, you’ve got a bit of work to do first. TaxBandits is going to teach you the in’s and out’s of filing IRS Form 941 for 2019 at the last minute.
How To File Form 941 for 2019 at the Last Minute
Let’s look closer at IRS Form 941 2019.
First things first. We need to determine for sure whether or not you need to file Form 941 for 2019. Let’s have a quick review of who is required to file and what all filing will entail.
IRS Form 941, or the Employer’s Quarterly Tax Return, is used to report employment taxes due for 2019. All employers who pay wages to employees must file the IRS Form 941 quarterly.
As an employer, you are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s wages or salary. Form 941 is the form the IRS uses to calculate the employer’s portion of Social Security and Medicare tax. This Form is filed four times a year, which works out to every quarter.
Check out our e-filing checklist!
When preparing to file, be sure to use this 2019 Form 941 checklist. We’ve provided a sneak peak into all the information you’ll need in order to complete the 941 Form. Check it out below:
- 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
Simple steps to E-File Form 941 for 2019.
For 2019, filing IRS Form 941 with TaxBandits is simple! To connect with the ease and accuracy that we offer, follow these steps when you complete your quarterly filing:
- Sign in or Create your TaxBandits account
- Select “Form 941”
- Add employer details
- Choose tax year/quarter
- Follow our simple 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 send your form directly to the IRS
You can even sign the 941 Form online!
The IRS requires you to sign your 941 Form electronically When you file Form 941 online. TaxBandits provides you with two ways to complete this step, according to your choice. If you wish, you can use your IRS online signature, or you can file Form 8453-EMP.
If you chose to use Form 8453-EMP, we’ve got that covered as well! Simply download it from TaxBandits, fill it out, and re-upload it to our system! The whole thing won’t take you but a moment.
Be careful to avoid penalties.
If you’re a small business, you need to be especially careful about remembering to file Form 941 by the deadline each quarter. The penalties are steep, and add up quick. For example, if you fail to file your 941 Form on time, your business will incur a penalty of 5% of the total tax amount due. An additional charge of 5% per month will then be charged for each month that the return is not submitted to the IRS. This fee can accumulate for up to 5 months!
And that’s just for failing to file! If your business has also failed to pay any owed tax, you will be charged an additional 5% of the unpaid tax amount. This fee increase and continue each month that the payment remains unpaid.
But don’t worry! You can do this! You can file and avoid penalties, even at the last minute! 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.