The IRS has introduced New Form 941 (sp) starting from 2024

Learn about the IRS announcement of new Form 941 (sp) for the first quarter of 2024!

Stephanie Glanville | April 2, 2024 | Read time: 5 minute(s) | Form 94x Series, IRS Updates, Payroll Forms | No Comments

The Internal Revenue Service (IRS) has introduced a streamlined approach to tax reporting for businesses operating in Puerto Rico and U.S. territories. This initiative involves standardizing forms to enhance the tax filing experience and save time and effort.

Beginning with filings for the tax year 2023, Form 941-PR and Form 941-SS are replaced with Form 941 (sp), a Spanish-language form. In this blog, let’s examine why the IRS has discontinued Form 941-SS and 941-PR and introduced Form 941 (sp)!

First, let’s briefly discuss Forms 941-SS and 941-PR and their purposes.

An Overview of Form 941-SS

Form 941-SS is officially known as Employer’s Quarterly Federal Tax Return – American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands. If you own a company that employs people in U.S. territories, you must file IRS Form 941-SS quarterly. Employers are in charge of withholding Medicare, Social Security, and federal income taxes from each employee’s salary.

An Overview of Form 941-PR

Form 941-PR is called Employer’s Quarterly Federal Tax Return (Puerto Rican Version). Like Form 941, which employers in the United States use, it enables employers in Puerto Rico to report income taxes, Social Security taxes, and Medicare taxes withheld from their employees’ paychecks. In addition to reporting the amounts withheld from employee’s wages, Form 941-PR also allows employers in Puerto Rico to report and pay their portion of Social Security and Medicare taxes.

Why Form 941 SP?

As of the fourth quarter of 2023, the IRS discontinued the use of Form 941-SS (Employer’s Quarterly Federal Tax Return—American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands) and Form 941-PR (Planilla para la Declaración Federal TRIMESTRAL del Patrono).

Instead, employers in U.S. territories are now required to file Form 941, or if you prefer your form and instructions in Spanish, you can file the new Form 941 (sp), Declaración del Impuesto Federal TRIMESTRAL del Empleador.

When is the deadline for filing Form 941 (sp)?

The deadline(s) to file Form 941 (sp) with the IRS for the 2024 Tax Year are as follows:

Deadline for 1st Quarter 2024 – April 30, 2024
Deadline for 2nd Quarter 2024 – July 31, 2024
Deadline for 3rd Quarter 2024 – October 31, 2024
Deadline for 4th Quarter 2024 – January 31, 2025

Please note, that these deadlines are the same as those for filing the standard Form 941.

TaxBandits’ Simplified Solution for Filing Form 941 (sp)

Form 941 (sp) offers the flexibility to file either electronically or on paper with the IRS. Yet, for swift and accurate processing, the IRS strongly recommends electronic filing. This is where TaxBandits is ready to help!

As an authorized IRS e-file provider, the TaxBandits team stands ready to assist employers in accessing Form 941 (sp) for Q1 of 2024, starting right away! By taking this proactive step, businesses can ensure compliance and streamline their tax operations with ease.

With TaxBandits, employers who have no taxes to report for a specific quarter can opt for zero reporting on Line 2b to file a zero return effortlessly. TaxBandits also simplifies the process by assisting users with an 8453 EMP or 94x online signature PIN to electronically sign Form 941-SP with the IRS.

Ready to stay ahead with your quarterly IRS filings? Once you have all the required information, sign up for a free TaxBandits account and start filing Form 941 (sp) today!