That’s right folks, the deadline to file quarterly payroll Form 941 has arrived! If you forgot about this deadline or it just seemed safely away in the distance, we understand.
Don’t worry, you can still meet your deadline by filing before midnight tonight. Here is what you need to know to start the process and get back on track.
Filing your form late or failing to file at all can lead to unwanted and unnecessary IRS penalties. There is no need to create potential penalties when you are able to file on time.
Do you Need to File Form 941 with the IRS?
Form 941 is an IRS tax form that is used to report Medicare, social security, and federal income taxes that employers are required to withhold from their employees’ wages.
These employers must continue to file Form 941 every quarter regardless of whether or not they pay wages every quarter. The exception to this rule is seasonal employers, they are only required to file Form 941 for the quarters when they are operating.
Information Required on Q1 Form 941
To file your Form 941 successfully, this is your starting point. You will need to have the following information at your fingertips.
Your Business Information
This includes your name, EIN, and address
Your total number of employees
The total deposits that you have made to the IRS
Know if you are a monthly or semiweekly depositor
Know the details of any COVID-19 tax credits you have claimed. This includes qualified sick and family leave wages and the COBRA premium assistance credit. The employee retention credit is no longer available.
Your Online Signature Pin. Don’t have one? No problem, TaxBandits supports Form 8453-EMP as an easy alternative.
You don’t have to enter any payment information until your Form 941 is complete and ready for IRS transmission
We also help you pay your balance due to the IRS when you choose the Electronic Funds Withdrawal method.
Complete the Necessary Form 941 Worksheets
There are only three 941 worksheets that are available for the first quarter of 2022. Now that the employee retention credit has expired, worksheets 2 and 4 from the last quarter have been removed.
Worksheet 1. Credit for Qualified Sick and Family Leave Wages Paid in 2022 for Leave Taken After March 31, 2020, and Before April 1, 2021
Worksheet 2. Credit for Qualified Sick and Family Leave Wages Paid in 2022 for Leave Taken After March 31, 2021, and Before October 1, 2021
Worksheet 3. COBRA Premium Assistance Credit
That is an overview of helpful information to get you started. Now, let’s meet your deadline. Create your free TaxBandits account and begin e-filing with our simple process.
Your form will be audited for errors once you have completed it. There is no need to worry about which worksheets you need or attach Schedule B for semi-weekly depositors, they are included in the filing flow! With TaxBandits you can easily E-file Form 941 for quick processing and instant IRS Approval.