New Feature Alert: Easily Copy Previous Quarter Data for Q2, 941 with TaxBandits
Are you looking for a simpler way to file 941 returns this quarter? With TaxBandits, you can quickly copy information from last quarter’s return to the current quarter.
We are excited to introduce our new Copy Data feature. If you filed your Form 941 with TaxBandits last quarter (Q1, 2024) and the IRS accepted it – great news, this is perfect for you!
This article will explore how the Copy Data feature works for filing Form 941 for the second quarter.
Let’s get started with the basics.
What is the ‘Copy Return’ Feature?
Use the ‘Copy Data’ feature to easily transfer information from Q1’s Form 941 to Q2’s return, applicable for both Form 941 and Form 941 (sp).
| Note: This feature is exclusively available to clients who filed the previous quarter’s (Q1,2024) 941 return using TaxBandits. |
Benefits of the Copy Return Feature for Q2 2024 Form 941 Filing:
- Saves Time: Automatically fills in repetitive information from previous filings, cutting down on data entry.
- Increase Accuracy: Avoid potential mistakes by reusing verified information from prior quarters.
- Streamlines the Process: Review the information copied from last quarter, enter this quarter’s information, then pay and transmit the form – it’s that simple!
How to use the Copy Return Feature:
If you have an accepted 941 from last quarter in your account, here’s how to use the ‘Copy Return’ feature:
First, sign in to your TaxBandits account.
On your dashboard, click ‘Form 941’ and then click the ‘Copy Return’ button to the right of the ‘Start Filing’ button, as seen in the image below.
Now, the information from the previous quarter, 941 (Q1, 2024), will be displayed. After reviewing all the information, click ‘Copy My Return’ to autofill your current quarter return (Q2, 2024).
If you are a semi-weekly depositor, complete the Schedule B information by using ‘Copy from previous return’ or by manually entering the data.
Not sure what a semi-weekly depositor is? Check out this blog about 941 deposit schedules and tax liability.
Review the 941 Form information copied from the previous quarter (Q1,2024) on the ‘Summary Page’.
After you have reviewed all the information, e-sign your 941 form, pay, and transmit your 941 Form to the IRS for Q2, 2024. You’ll see a green ‘Pay and Transmit’ button—simply click it, and that’s all there is to it!
To see the process in action, check out our video:
What information can be copied from the previous quarter (Q1) 941 Form?
You can copy the following information from your Q1, 2024 941 return:
| Part 1: Form 941 Details | Business NameEINAddressNumber of Employees(Line 1)Wages,tips & Compensation(Line 2)Tax Liability (Line 12)Tax Deposits for this quarter(Line 13)Balance Due(Line 14)Note: The Part 1 information will be copied from the previous quarter, except for Form 8974. If you have Qualified Small Business Payroll Tax Credits to claim, you can complete Form 8974 in the next step. |
| Part 2: Deposit Schedule and Tax Liability | Schedule B information from the previous 941 quarter return(Q1) will be copied for semi-weekly depositors. Schedule B information is not required and will not be copied if you are not a semi-weekly depositor. |
| Part 3: Business Status | If your business is closed or has stopped paying wages from this quarter, you can edit the details in the following steps. If you’re a seasonal employer, ensure the status is marked as “Yes.” If you are not a seasonal employer, no additional information is required. |
| Part 4: Third-party Designee Details | Designee’s nameDesignee’s phone numberDesignee’s 5-digit personal identification number (PIN) |
Note:
- Form 8453-EMP/8879-EMP, used to sign your 941 Form electronically, will not be copied from the previous quarter’s return (Q1,2024). You’ll need to e-sign a new one for the current 941 return (Q2,2024).
- You can only copy information from the previous quarter’s return (Q1, 2024) if it has been transmitted and accepted by the IRS.
Form Schedule B (Form 941): If you are a semi-weekly depositor, you must use Form Schedule B (Form 941). This schedule is used to show your tax liability for the quarter, not to display your deposits. The tax liability information for each day on Schedule B from the previous quarter (Q1, 2024) will be copied over to the current quarter (Q2, 2024).
Can you copy information from a previous 941 quarter (Q1) if you didn’t previously file with TaxBandits?
NO! You cannot copy data from a previous 941 quarter (Q1) if you didn’t file this return using TaxBandits. However, once you’ve filed with us, you’ll be able to access your 941 information and copy it on future returns.
TaxBandits’ Copy Data feature is just another reason to file with TaxBandits every quarter!
Meet your 941 Form Q2,2024 E-filing with TaxBandits!
The 941 deadline will be here before you know it, now is the time to gather the information needed and get started!
TaxBandits simplifies the filing process, making it quick and efficient to e-file Form 941. E-filing with TaxBandits ensures faster processing and provides easy access to stored records, which you can download anytime. You can also conveniently copy data from previous records.
Choose TaxBandits for your 2024 Form 941, Q2 e-filing needs!
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