Start Filing Your Form 941 for the Second Quarter of 2023 Today!
Summer is in full swing, and filing IRS tax forms is probably the last topic on your mind. You’d rather be catching some well-deserved rays than filling out paperwork, or dare we say it…completing manual tax calculations.
TaxBandits is here to simplify your summer, so you can file the quarterly Form 941 2023 for your business or your clients, and get back to mastering the grill at your backyard barbeque.
Form 941 is now available from TaxBandits for the second quarter of 2023. With our easy e-filing process, you can have your 941 filed and off of your “to-do” list before the fireworks on the Fourth of July!
Here’s a rundown of Form 941 to help you get started.
Who Must File Form 941?
Businesses that pay wages to their employees and withhold taxes from these wages are required to file Form 941 with the IRS each quarter.
There are only a few exceptions, businesses that are very small, with less than $1,000 in tax liability can request permission from the IRS to file the annual Form 944 instead. This request must be approved by the IRS before the business stops filing 941 forms.
Employers of household employees and farm workers also have different filing requirements. Agricultural employers generally file Form 943 instead.
Another exception to the quarterly filing requirement is seasonal employers, these businesses are only required to e-file Form 941 for 2023 to report wages for the quarters that their business was open and operational.
What is Form 941?
Form 941 is an IRS payroll tax form that the majority of employers are required to file. This form is used to report the wages, tips, and other compensation paid to the business’ employees throughout the quarter. It is also used to report the social security, Medicare, and income taxes withheld from employees’ wages during the quarter.
Employers that are on a semi-weekly deposit schedule with the IRS are also required to complete and attach 941 Schedule B. This attachment form is used to report the employers tax liability (not deposits) for every day during the quarter.
What’s New for the Second Quarter of 2023?
There’s good news here. While there have been changes and updates to the 941 almost every quarter for the past few years, there are no changes for this quarter. Here is a quick recap of the updates for the first quarter of 2023:
- The wage base limit for social security is $160,200 for the 2023 tax year.
- Employers that complete Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities, can claim up to $500,000 due to the Inflation Reduction Act of 2022.
- Employers have the ability to claim the Employee Retention Tax Credit (ERC) for past quarters if they are eligible.
File Easily and Accurately with TaxBandits
With TaxBandits, the 941 filing process is simple and affordable. Plus, we offer time-saving features that will help you file accurately and efficiently. Here are a few awesome TaxBandits features that you can take advantage of when filing this quarter!
- Built-in Error Checks – TaxBandits audits your forms for accuracy using the IRS Business Rules.
- Bulk Upload options – Filing for many clients? No problem! Import all of your client’s form information at once to generate their 941 forms.
- All supporting forms are included – Schedule B, 8453-EMP, 941-V, 8974, 941-V, and any applicable worksheets
- Pay your balance due to the IRS – EFW, EFTPS, credit card, check, money order
