TaxBandits is Now Accepting Payroll Form 941 for Q1 of 2022
Can you believe that it is already the end of March?! To our team, it feels like just yesterday we were helping our clients prepare for the January deadlines!
The first quarter of 2022 is already coming to a close, and that means it’s time to start thinking ahead to your business’ next quarterly filing deadline.
The deadline to file the payroll Form 941 is coming up on May 2, 2022. Don’t worry, the Q1 Form 941 is now available from TaxBandits, so you will have plenty of time to complete and file it!
Here’s what you need to know to get started.
Who is required to file Form 941?
All employers that pay wages subject to income taxes, Medicare taxes, and social security taxes are required to file Form 941 to report these withholdings.
Once a business files their first Form 941, they are required to file one for every quarter regardless of whether or not they have paid wages. The obligation only ends when a business files its final return.
Seasonal employers are the exception, they are only required to file for the quarters that they were operating/paying wages.
When is the First Quarter 941 Deadline?
The deadline to file Form 941 with the IRS for the first quarter is April 30. This year, this falls over a weekend, so the deadline for filing is the next business day. The first-quarter deadline for 2022 is May 2, 2022.
Has Form 941 Been Updated for 2022?
There are a few changes for the first quarter that are worth noting. These updates are a result of the COVID-19 tax relief programs that have expired.
- The lines related to the employee retention credit (11c, 13d, and 22) are now “reserved for future use”.
- The lines related to total advances of credits (13h and 13i), are now “reserved for future use”.
- Line 18 has only one option again, indicating if you are a seasonal employer.
- Only Worksheets 1, 2, and 3 are needed.
The social security wage base for 2022 is $147,000.
Follow this link to learn more about the 2022 First Quater Form 941.
How should I file Form 941?
While you have the option to file a paper copy with the IRS, it is important to keep in mind that there are significant delays in processing. E-filing 941 is the preferred IRS method for a reason, it is easier for you to file this way and easier for them to process the form when they receive it.
When e-filing, it’s key to choose a provider that is not only IRS authorized but offers the features you need for accurate and easy filing. With TaxBandits, you get both secure and accurate filing!
Here are some great benefits of e-filing with TaxBandits!
- We also support Form 941-PR, Form 941-SS, and Form 941-X
- Instant updates on the status of your form with the IRS
- Built-in data checks against the IRS business rules
- All 941 Worksheets are included in the filing process
- We also support Schedule B and Schedule R
- Easy e-signature options
Ready to begin filing for the first quarter? Log in or create your TaxBandits account now! Form 941 for Q1 is now available.
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