I Missed The Form 941 Deadline For the Second Quarter…Now What?

So you missed your Form 941 deadline, here's what you should do next!

The second quarter for filing Form 941 for the second quarter has passed…and you missed it. So, now what do you do? Will the IRS ever forgive you, how can you make amends and avoid dreaded penalties? 

The good news is that you can still file, and you should still file! 

TaxBandits offers a simple solution for e-filing your IRS tax forms, whether you file on time or…not. No judgement here, we just want to help you avoid any unwanted penalties. 

What Are The Penalties If I Don’t File? 

If you fail to file Form 941 by the deadline, you will be penalized 5% of your balance due each month that your tax return is late. This penalty will continue for up to 5 months or 25% of your balance due. 

You will be penalized an additional amount for a late payment or failing to pay the correct amount to the IRS. You could be charged anywhere from 2-15% of your total payment, depending on how late your payment is. 

As you can see, trading penalties for additional time to file is a choice that won’t pay off in the long term. 

Before we jump in, it is important to point out that the IRS instructs that employers who made their deposits on time and in full are allowed to file their Form 941 by the 10th day of the second month following the end of the quarter. For these filers, that day is today! You can e-file with TaxBandits before midnight to meet this deadline!

How Do I File With TaxBandits?

E-filing with TaxBandits is quick and easy. Not only can you complete your tax return, but you can make a tax payment to the IRS if needed. Two birds, one stone. 

Did your business participate in COVID-19 tax credits this past quarter? TaxBandits supports the many changes to Form 941 due to COVID-19. We even support Worksheet 1 to assist filers in calculating their tax credits. 

Need to e-file the Form 941-PR or Form 941-SS? We support these variations of the 941 as well!

You can file your Form 941 in just a few simple steps. First, sign into your TaxBandits account. If you don’t have an account already, that’s alright, you can easily create your account for free. Once you have signed in and entered your basic business information, just follow these steps.

  1. Choose your tax year and quarter, in this case it will be the second quarter. 
  2. Enter wages and tips withheld followed by your social security and Medicare taxes.
  3. Have a balance due to the IRS? Choose your payment method.
  4. Enter your monthly or semi-weekly tax liability.
  5. Review all of your form summary and be sure that you have entered all of your information correctly.
  6. Time to transmit your Form 941 to the IRS. That’s all there is to it!

Check out this video for a step-by-step guide!

What If I Notice A Mistake After I File? 

Whether you filed your Form 941 with TaxBandits or not, we provide a solution for amending your tax return. Our software supports the correction Form 941-X. You can easily complete this form as soon as possible after you notice any incorrect information that you filed on your original Form 941. 

For a comprehensive solution to your IRS tax filing, choose TaxBandits!

Form 941

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