TaxBandits is Now Accepting Form 941 for the Second Quarter of 2024: Start filing Now!
Summer is here and the second quarter is coming to a close! The second quarter of Form 941 – Q2 for the 2024 tax year is also here!.
TaxBandits is ready to assist with your filing needs! We want to highlight the latest updates for Form 941 for Q2, 2024. Dive into our blog to learn more about the essential changes before filing Form 941.
Form 941 for the second quarter of 2024 is now available on TaxBandits, and you can begin filing today. To help you get started, here’s a brief overview of the 941 form.
What is Form 941?
Form 941 is the IRS payroll tax form used by employers to report social security, Medicare, and federal income taxes withheld from employees’ wages during this quarter. Every employer who has employees must file Form 941 for every quarter.
Additionally, employers who make semi-weekly deposits to the IRS should upload Form 941 Schedule B with the Form 941. Similarly, CPEOs and Reporting agents are required to file Form 941 Schedule R to provide the aggregate of their clients’ information. Employers can use Form—941 SP(Spanish) instead of Form—941 PR and Form—941 SS.
Deadlines for Form 941 for 2024:
The IRS Quarterly Form 941 has separate deadlines for each quarter. Here are the 941 filing deadlines:
- First Quarter (Jan, Feb, Mar) – April 30, 2024
- Second Quarter (Apr, May, Jun) – July 31, 2024
- Third Quarter (July, Aug, Sep) – October 31, 2024
- Fourth Quarter (Oct, Nov, Dec) – January 31, 2025
| Note: If any of these deadlines falls on a weekend or federal holiday, the following business day becomes the deadline. |
What are the Updates to Form 941 – Q2, 2024?
Currently, there are no significant changes to the quarterly Form 941. However, the IRS has released some updates to business rules validation and schemas for Q2, 2024. TaxBandits has updated its e-filing process to incorporate these changes.
A Recap of Form 941 Q1, 2024 Updates:
Employers must ensure the changes are released in Form 941 – Q1. Here are the changes for the Form 941 Q1,2024:
- Changes in Social Security and Medicare taxes: The wage base limit for Social Security tax has been increased from $160,200 is $168,600.
- Expanded Tax Coverage: Household employees who earn $2,700 or more and election employees who earn more than $2,300 or more are applicable for FICA taxes.
- Termination of COVID-19-related tax credits: COVID-19-related tax credits (Sick leave and family leave wages) are no longer available on Form 941.
- Removal of COVID-19-related tax credits: Certain lines related to COVID-19 are removed in the Form 941
- Lines 5a(i) and 5a(ii) in Part I has been removed
- Lines 11(a) – 11(g) in Part I has been removed
- Lines 13(a) – 13(i) in Part II has been removed
- Lines 19 – 28 in Part II have been removed
- Release of new Form 941 – SP: Form 941 PR and Form 941 SS have been terminated for 2024. Instead, you can proceed with the new Form 941 SP or Form 941.
Disaster-related Tax Relief for Form 941 – Q2 2024
The IRS has made a notable announcement regarding the deadline. West Virginia and Kentucky taxpayers should take note of this update.
Some states in the U.S., such as West Virginia and Kentucky, are affected by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that began on April 2, 2024. In these states, the deadline for filing Form 941-Q2, 2024, has been postponed until November 1, 2024.
What’s New in TaxBandits for this 941 Q2 2024 Tax Season:
From this tax season, TaxBandits introduces a ‘Copy return’ feature where you can make your filing more accurate and efficient. This feature allows you to conveniently copy specific information from the previous quarter’s return and copy it to the current one. This is applicable for Form 941 and Form 941 – SP. TaxBandits saves your time and eliminates the need to re-enter the data for every quarter.
E- File Easily with TaxBandits’ Exclusive Features!
TaxBandits offers secure e-filing for Form 941, Q2 of 2024, starting today! Filing with TaxBandits not only saves you time and money but also simplifies the process.
Employers can benefit from the ‘Copy return’ feature, which allows you to duplicate data from the previous quarter and access it whenever needed. TaxBandits also securely stores your records for seven years, surpassing the IRS’s four-year requirement.
Additionally, TaxBandits provides various features such as bulk data upload, error checks, and a Zero reporting feature. Filing early is recommended once you have all the necessary information for the current quarter’s Form 941. Create your TaxBandits account and begin filing today!
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