Spring is officially here, which means that the first quarter of 2021 is drawing to a close! This means that it is time to start thinking about your quarterly 941 deadline. It will be here before you know it. There’s no need to feel stressed out this quarter, because TaxBandits is here to help you file successfully!
We are now accepting Form 941, with all the updates required for the first quarter of 2021.
This is your guide to successful filing with TaxBandits!
Who Must file Form 941 and When?
The Form 941 is the Employer’s Quarterly Federal Tax Return. This should be filed by all employers that pay wages to their employees and withhold federal income taxes, Medicare taxes, and social security taxes from these wages.
Since this is a quarterly deadline, these are the four deadlines that employers must adhere to.
The deadline for the first quarter is April 30, 2021. Remember, if any of the quarterly deadlines fall on a federal holiday, the next business day will be the filing deadline.
What is New on the Form 941 for Q1 of 2021?
In the past year we have seen this form change on a quarterly basis, the good news for the first quarter of 2021 is that the form is largely the same as it was for the previous quarter.
The main difference centers around the Presidential Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. This was issued by the last administration on August 8, 2021 and it allowed employers to defer their employees’ share of social security taxes between September 1, 2020 and December 31, 2020.
Now that this has officially expired, employers who chose to participate in this deferment no longer have the option. Therefore, the lines that were used to report these deferments are no longer needed on Form 941. Line 13b and 24 are now refused for future use.
How Do I E-file Form 941 with TaxBandits?
The filing process with TaxBandits is as simple and straightforward as possible. After you create your free TaxBandits account, or sign into your existing account, there are only 6 simple steps.
First choose the form you want to file, Form 941, and the tax year and quarter you are filing for. Then, it’s time to begin the form, enter your Social Security and Medicare tax information. If you have no taxes to report for the quarter, select the zero-filing feature to speed up your filing process. Worksheet 1 is also built into the application for your convenience.
Next, you should enter your tax liability and deposit schedule, you can also choose your payment method if you need to make a payment to the IRS. Finally, it’s time to review your form and transmit it to the IRS for instant approval. That’s about as simple as it gets!