Urgent! You’re Running Out of Time to File Form 941
The second quarter filing deadline for Form 941 is on July 31st- less than a week away! You will need to report wages and taxes for April through June. If you have not filed yet, don’t worry we at ExpressTaxFilings are here for you. We provide you with an all inclusive solution for generating and e-filing in the simplest, quickest way possible.
What Business Owners Need to Know
Form 941 is the Employer’s Quarterly Federal Tax Return and is used to report employment taxes. If you own a wage-paying business, you will need to file Form 941 four times a year. As an employer, you are responsible for withholding federal income tax, social security tax, and Medicare tax from your employee’s wages. Form 941 is also used to calculate the employer’s portion of Medicare and social security tax.
94x Series
(In addition to the traditional 941 Form used to report employment taxes within the United States there is also Form 941-SS, 941-PR, and the 94x Online Signature PIN)
Form 941-SS is the US Territories Employer’s Quarterly Federal. This form must be filed four times a year by wage-paying employers in the Commonwealth of the Northern Mariana Islands, Guam, American Samoa and the US Virgin Islands. The only US Territory not included in Form 941-SS is Puerto Rico which has a separate quarterly report.
Form 941-PR is the Puerto Rican Employer’s Quarterly Federal Tax Return and must be filed by wage-paying business owners and operators located in Puerto Rico. Both of these forms follow the same deadlines and penalties as the traditional 941 Form.
The 94x Online Signature PIN is ten digit number provided by the IRS as authorization to e-sign any forms in the 94x series. If you do not possess a 94x PIN for this quarter, it is not required. However, you will need to complete and e-sign Form 8453-EMP when e-filing Form 941. When you choose ExpressTaxFilings to e-file, we offer the option to file Form 8453-EMP along with your Form 941. You can also quickly apply for your 94x PIN for FREE! Having this PIN will simplify your future federal tax filing process.
Penalties
Failure to file Form 941 by the deadline results in a penalty of 5% on the tax return for each month the return is late. This penalty will cap at 25%.
You will also be heavily penalized for late payments or for not paying the full amount. You can be charged 2 to 15% of the unpaid tax determined by the number of days it remains unpaid.
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ExpressTaxFilings E-Filing Software Features
Our software is entirely cloud-based giving you access to your account from anywhere, and there are no monthly fees. The filing process consists of a simplified, step-by-step interview style process that finishes by offering to send your tax obligated payment directly to the IRS. We at ExpressTaxFilings take pride in being IRS-authorized to provide you with a safe, secure, and efficient e-filing process that will save you both time and money.
