The IRS Introduced Revised Form 941 for the 2024 Tax Year

A Revised Form 941 means new updates to your business's quarterly payroll filing. Learn more!

It’s a new year, and that means another four quarters of 941 filings with the IRS! We are kicking off 2024 with a new Form 941 from the IRS.

The revised Form 941 for the 2024 tax year has several notable changes from its 2023 predecessor. In this blog, we will navigate these changes giving you insight into why they are important and how they will affect your 941 filing for the first quarter of 2024 and beyond!

Starting with the Basics: What is Form 941? 

Whether you are a relatively new business or new to filing Form 941, here is a quick overview to help you get up to speed!

Form 941 is a quarterly payroll tax form that the majority of employers are required to file 941 with the IRS to report the Medicare, Social Security, and income taxes that you withheld from your employee’s wages. 

What are the Deadlines to File Form 941 for 2024? 

As mentioned, Form 941 is a quarterly form with a deadline generally falling on the last day of the month following the completion of the previous quarter. When the deadline lands on a weekend or federal holiday, the next business day automatically becomes the deadline. The 941 deadlines for the 2024 tax year are as follows: 

  • First quarter deadline – April 30, 2024
  • Second quarter deadline – July 31, 2024 
  • Third quarter deadline – October 31, 2024
  • Fourth quarter deadline – January 31, 2025 

What are the Updates to Form 941 for Q1, 2024? 

The newly released Form from the IRS exhibits several changes compared to the version businesses recently filed for the fourth quarter of 2023. 

  • The Social Security and Medicare tax limits have been updated: 
    • The Social Security tax rate for each employer is 6.2%, and the Social Security wage base limit is now $168,600.
    • Social Security and Medicare taxes now apply to household workers who are paid $2,700 or more in 2024. 
    • Social Security and Medicare taxes now apply to election workers who receive $2,300 or more in cash or an equivalent type of compensation in 2024. 
  • The most notable change to the 941 is the removal of COVID-19-related tax credits for qualified sick and family leave wages. This can no longer be claimed on Form 941. 
  • After 2023, Forms 941-SS and Form 941-PR are discontinued. Instead, employers in the U.S. territories will either use Form 941 to report their tax withholdings or, if they prefer a Form in Spanish, they can file using the new Form 941 (sp).
  • There have been several changes to specific lines on the 941 Form.

Which Lines are Impacted in the new IRS Form 941? 

Several lines on the upcoming Form 941 will appear different from when you filed last quarter. Several have been omitted or replaced, specifically those related to information on COVID-19 tax credits. Here’s a brief overview:

  • Part I, Lines 11a – 11g have been removed. 
  • Part I, Lines 13a-13i have been removed.
  • Part III, Lines 19-28 have been removed. 

Stay Informed and IRS-compliant with TaxBandits!

In conclusion, staying informed and IRS compliant is crucial for your quarterly Form 941 filings in the new year. The IRS Form 941 for the 2024 tax year brings notable changes, including updates to Social Security and Medicare tax limits and the exclusion of COVID-19-related tax credits. 

TaxBandits is here to provide insights and ensure a smooth filing experience. Keep abreast of the changes, meet the deadlines, and trust TaxBandits to guide you through the complexities of 941 filing for the first quarter of 2024 and beyond. Stay compliant, stay informed, and let TaxBandits be your trusted partner in payroll tax filings!

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