Today is the Deadline to File Form 941 for the First Quarter of 2021!

File your 941 by midnight!

It’s finally here, April 30, 2021! Not only is summer sneaking up on us, but so is the first quarter deadline to file quarterly employment tax returns to the IRS. It’s hard to believe that the deadline is already here, if you are in full panic mode today, TaxBandits has your back!

Once you have the necessary information required for the Form 941, e-filing and transmitting your form to the IRS is a simple and speedy process with TaxBandits.

Let’s dive in and prepare you to begin e-filing your Form 941!

What Information is Required on Form 941? 

To file your Form 941 successfully, please have access to the following information. .

  • Your Business Details
    • This includes your name, EIN, and address
  • Employment Information
    • Your total number of employees
    • The total employee wages, Federal Tax Withheld, social security, and Medicare taxes. 
    • The total in deposits that you have made to the IRS
    • Are you a monthly or semiweekly depositor
    • Your Online Signature Pin. Don’t have one? No problem, you can file using Form 8453-EMP

What are the changes to Form 941 for the First Quarter?

In the past year we have seen this form change on almost a quarter to quarter basis, the good news for the first quarter of 2021 is that the form is basically the same as it was for the fourth quarter of 2020. 

The main difference stems from the Presidential Memorandum on Deferring Payroll Tax Obligations.

This was issued by the last administration on August 8, 2020. Iit allowed employers to defer their employees’ share of social security taxes between September 1, 2020 and December 31, 2020. 

Now that this executive order has officially expired, employers who chose to participate no longer have the option to defer these taxes. The lines that were used to report these deferments are no longer needed on Form 941. Line 13b and 24 are now refused for future use. 

How do I file with TaxBandits? 

Now that you know the information needed for your 941 and what to expect compared to last quarter, let’s talk about your best option for e-filing your form before midnight. Don’t open the door to the possibility of IRS penalties, especially when filing on time is possible. 

Creating your TaxBandits account is free, we don’t believe in added fees and annual charges, you will only pay for the forms that you choose to transmit to the IRS. Once you have created your account, or sign in if you are an existing TaxBandits client, let’s talk about actually filing your Form 941.

Follow these steps:

1. Choose the year and quarter 

2. Enter the form information

3. Review and transmit to the IRS

Want more information on the e-filing process? Check out this help video!

Form 941

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