Today is the 2023 Q2 Form 941 Deadline

5 FAQs for Last-minute Filing

Believe it or not, the deadline has arrived to file Form 941 with the IRS. Businesses that have employees and withhold Medicare, social security, and federal income taxes from their wages are required to file 941. 

This form is filed on a quarterly basis, today being the second quarter deadline for the 2023 tax year. Employers will be reporting information based on the wages paid between April 1, 2023, and June 30, 2023, on their Q2 941.

Is your business required to file but you’re confused about the process? Check out these frequently asked questions from TaxBandits, we hope they’ll clear up the process for you. Plus, as always, TaxBandits offers excellent customer support during the filing process! You can reach out by phone, email, or live chat.

If you think it’s too late to meet today’s deadline, don’t count yourself out!

What information is required to file Form 941? 

To file 941 online successfully, this is your starting point. You will need to have the following information available.

• Your Business Information
  • This includes your name, EIN, and address
• Employment Information
  • 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.
  • Your 94x Online Signature Pin. Don’t have one? No problem, TaxBandits supports Form 8453-EMP as an easy alternative. 
• Payment Information
  • If you have a balance due to the IRS, there are a few different ways you can make this payment. Before you start completing your Form 941, you will need any information needed to set up this payment. 

What is the difference between tax liability and deposits?

When it comes to Form 941, this is a question that you may encounter. It is a common misconception that tax liability is the same thing as tax deposits. This is not true.

Employers are responsible for withholding certain amounts of Medicare, social security, and federal income taxes from their employee’s wages. These withholdings must be deposited with the IRS. Your total tax liability should be equal to the amount entered on Line 12 of Form 941.

As you complete your Form 941, you may find that your total tax liability for the quarter is greater than the amount you’ve made in deposits to the IRS. The difference between these amounts will be your balance due to the IRS for the quarter.

If Line 12 is more than Line 13g, enter the difference on Line 14. This is your balance due to the IRS. 

*You should never have an amount entered on both Lines 14 and 15 on Form 941.

It is also possible that you deposited more than the required tax withholding with the IRS. In this case, you will have an amount to enter on Line 15 instead of 14. You can either request a refund or apply the amount to the next return that you file by checking the box accordingly. 

How can I pay the IRS balance due when filing Form 941?

When it comes to paying your balance due to the IRS, there are a few options for making the IRS payment. When filing your 941 with TaxBandits you have the following options.

• Electronic Funds Withdrawal (EFW)
• Electronic Federal Tax Payment System (EFTPS)
  • Please note that you will need to have an account set up with the IRS prior to making the payment. 
• Credit/Debit card
  • After your form is accepted, you will be prompted to make the IRS tax payment by email. 
    • If the amount of the tax due to the IRS is less than $2,500 you can make the payment through your TaxBandits account.
    • If the amount is greater than $2,500, you will be sent a link to a payment processor. 
• Check or money order
  • If you choose this method, you will need to initiate the payment to the IRS. Download the 941-V (payment voucher) to include with your check or money order. 

What is Schedule B, how do I know if I need to complete it? 

Employers have different deposit schedules based on their business’s tax liability. Your business’s tax liability can be determined using the look-back period. The look-back period of the tax year 2023 is July 1, 2021, to June 30, 2022. 

If the business’s tax liability during the look-back period was $50,000 or less, it is considered a monthly depositor. Businesses with a tax liability greater than $50,000 in the look-back period are considered semi-weekly depositors. 

This information is important because semi-weekly depositors are required to complete Schedule B and attach it to their Form 941. On 941 Schedule B, you are required to enter your business’s tax liability (not deposits) for each day of each month of the quarter.

The most important thing to remember when completing Schedule B is that the total liability you report for the quarter must be equal to the amount entered on Line 12 of your Form 941. 

For more information about deposit schedules, check out our blog about it here. 

Does TaxBandits support 941 filing for previous quarters and tax years?

Yes! TaxBandits supports Form 941 filing for past quarters and tax years. This includes 2022, 2021, and 2020. If your business has fallen behind on its Form 941 filing, you’re not alone, with the major changes to the 941 form over the past few years, it has become a complicated and daunting process for business owners. 

The best option for avoiding IRS penalties, or further IRS 941 penalties is to complete and file any outstanding forms, TaxBandits helps ease the difficulty of this process. Our application has 941 forms from previous quarters with all of the worksheets and attachments needed. 

Filing by Midnight is Possible with TaxBandits!

With TaxBandits and all of your business’s tax information at your fingertips, you can meet today’s deadline!

Once you create your free TaxBandits account filing Form 941 is as easy as 1-2-3. 

• Step 1: Enter Form 941 Details
• Step 2: Review the Summary Form 941
• Step 3: Pay & transmit Form 941 to the IRS

Get started now and file your business’s form by midnight!

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