Tomorrow is the 2024 Q1 Form 941 Deadline: Simplify Your Filing with TaxBandits!
Tomorrow is the deadline to file the quarterly Form 941! If you are feeling the last-minute stress of meeting this deadline, make sure to read this blog first.
We are here to address the most common Form 941 questions our team has received this quarter, including the significant updates for 2024.
Our goal is to provide you with a quick overview, saving you time. With TaxBandits, you can easily file in minutes once you have all your quarterly information prepared.
Why Can’t I File a 941-PR or 941-SS for Q1, 2024?
This is certainly a frequent question for 2024. One of the most notable updates to the Form 941 filing process is the discontinuation of Forms 941-SS and Form 941-PR, here’s an overview of what these forms were originally used for.
- Form 941-SS is specifically designed for employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and Puerto Rico to report social security, income, and Medicare taxes.
- Form 941-PR is tailored for employers in Puerto Rico to report social security, income, and Medicare taxes.
So, if your business is located outside of the U.S. in one of these territories – what should you do now?
The answer is simple! Your business will file the standard Form 941. However, if you prefer filing the form in Spanish, the IRS has released a separate version of the 941. TaxBandits now supports the filing of Form 941-SP (Spanish). Click here to learn more about it.
What Other 941 Changes Have Been Made Starting This Quarter?
A major change to Form 941 is the removal of all the COVID-19-related fields where employers could claim tax credits. Employers can no longer claim credits for previous quarters on Form 941. To reflect this following lines have been removed from the 941 for 2024:
- Part I, Lines 11a – 11g were removed.
- Part I, Lines 13a-13i were removed.
- Part III, Lines 19-28 were removed.
Visit us here for more in-depth information about the 941 updates.
What’s the Latest IRS Guidance on the Employee Retention Credit (ERC)?
This is another frequent question that the TaxBandits team has encountered this quarter. First, we want to reiterate that TaxBandits does NOT advise on the employee retention credit (ERC) or have anything to do with claims. If anyone claiming to be from TaxBandits calls or emails you regarding a claim, please call us at (704) 684-4751 or email support@taxbandits.com to report this.
For more information on how you can protect yourself and your business against tax scams, check out our blog here!
In regards to the amount of tax scams and misinformation surrounding the ERC, you should only seek clarity on this topic from the IRS or a trusted and certified tax preparer.
However, the IRS has provided additional information about the ERC credit. The IRS has released guidelines for withdrawing an ERC claim. This can be done by filing a Form 941-X, or the corresponding amendment form for your business. For more information on how the IRS requires businesses to complete this process, check out our recent blog, here.
What You Need to Know About Line 13 of Form 941!
This is a common area where our clients can get a bit confused. Line 13 of Form 941 asks you for your business’s total deposits for the quarter. This is the total amount that you deposited with the IRS during the quarter, and it IS different than your business’s total tax liability for the quarter.
It is a common misconception that Line 13 impacts the completion of Part II on Form 941. In Part II, you will ascertain your business’s status as a semi-weekly depositor and proceed to complete Schedule B if necessary, or move on to the next section if not. The amount on Line 12 of Form 941, representing total taxes after adjustments and nonrefundable credits, is used to calculate your tax liability accurately. Remember, tax liability and tax deposits are not the same thing.
TaxBandits is on Your Team: Start Filing Now!
With TaxBandits, you can easily meet your 941 filing requirements! Our application simplifies the process with a built-in audit feature that checks your form using the IRS Business Rules. This catches common errors and missing information to help ensure you file an accurate tax return. Additionally, tax preparers can take advantage of PRO features to manage their staff members and clients and file efficiently.
Ready to get started on your business’s 941 filing now to meet the deadline tomorrow?! Create your free TaxBandits and start filing for the industry’s best pricing!
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