As you may know, the deadline for employers to file their third-quarter Form 941 was October 31, 2023. This deadline has come and gone, however, for employers of the State of Vermont, there is an exception to this rule. Employers of these states are eligible for tax relief related to both their second and third quarter filings.
Due to the disaster conditions created by flooding in Vermont, the IRS has granted businesses and individuals tax relief by extending several filing deadlines, one of which is the quarterly deadline to file the payroll tax Form 941.
Keep reading for an overview of when Vermont employers are required to file 941, background on this form, and other deadlines that are affected by the flooding events earlier in the year.
What is IRS Form 941?
This is a payroll tax form that employers are generally required to file if they withhold Social Security, Medicare, and federal income taxes from their employees’ wages. This is a crucial tax form, as the IRS uses the information to ensure that businesses are accurately reporting their quarterly tax liability and the tax amounts that they have withheld from paychecks.
The Form 941 also allows employers to indicate to the IRS that they have over reported or unreported this information and make a tax payment or request a refund. The 941 deadlines for businesses are as follows.
First Quarter Deadline (January, February, March) – April 30th
Second Quarter Deadline (April, May, June) – July 31st
Third Quarter Deadline (July, August, September) – October 31st
Fourth Quarter Deadline (October, November, December) – January 31st
Both the second quarter deadline (July 31st) and the third quarter deadline (October 31st) are included in this IRS tax relief.
Now, let’s clarify what is included in the tax relief offered to businesses and residents of Vermont.
Form 941 IRS Tax Relief for Vermont Employers
The disastrous flooding events in Vermont began on July 7, 2023. In response, the Federal Emergency Management Agency (FEMA) declared this a federal disaster area. In turn the IRS has provided tax relief to residents of Vermont by extending the following deadlines. This includes the quarterly Form 941 deadline, but also applies to the following
Businesses ( S-Corporations ) with an extended deadline to file their income tax return on September 15th.
Businesses ( C-Corporations ) with an extended deadline to file their income tax returns on October 16th.
Individual taxpayers that have an extended deadline to file their personal income taxes on October 16th.
5500 Series forms with a deadline between July 7, 2023 and November 15, 2023
990 Series forms that are required to be filed by tax-exempt organizations between July 7, 2023 and October 15, 2023.
When is the Extended Deadline to File 941 Forms with the IRS?
The deadline for affected employers of Vermont to file their second and third quarter 941 Forms with the IRS and make required tax payments is November 15, 2023. All eligible businesses that file and make payments as required by this extended deadline will not be subjected to IRS penalties for late filing or failure to pay taxes.
Is there 941 Tax Relief for any other States?
Yes, in addition to the tax relief provided to employers of Vermont, there are also extended deadlines for a few other states due to natural disasters. This includes:
All employers in Maine, Massachusetts and South Carolina have until Feb. 15, 2024, to file and pay.
Employers in parts of Florida, Georgia, Hawaii and Louisiana also have until Feb. 15, 2024, to file and pay.
To learn more, check out the IRS News Update here.
Meet the Upcoming Extended 941 Deadline with TaxBandits
This extended deadline for employers of Vermont is coming up in just a few days! With TaxBandits, businesses can get caught up on their filings with ease using our time-saving features that are designed to promote form accuracy.
This includes autocalculations, built-in error checks using the IRS Business Rules, and all required attachment forms such as Schedule B, Form 8974, and Schedule R for aggregate filers. Plus, TaxBandits supports Form 941-PR (Puerto Rico) and 941-SS (American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the US Virgin Islands).
Ready to get caught up on your Q2 and Q3 941 filings with TaxBandits?