We’re Now Accepting Form 941 for Q1, 2024: Start Filing Now!

Learn about the changes to Form 941 that will impact how your business files this quarter!

As we approach the end of the first quarter of the 2024 tax year, employers across the nation are gearing up to file their quarterly payroll Form 941 with the IRS. This crucial deadline falls on April 30, 2024, so it’s essential to be prepared.

This may seem like plenty of time but given the efforts required to gather information, review it, and understand new updates to this form for the 2024 tax year, now is a great time to begin the process – and with TaxBandits you can!

Form 941 for the first quarter of 2024 is now available for e-filing, and this blog will act as a guide to help you get started!

Filing Form 941: The Basics

Form 941, the Employer’s QUARTERLY Federal Tax Return is used by employers to report Social Security, Medicare, and income taxes withheld from employee wages to the IRS. Since this form is filed quarterly, businesses must adhere to four deadlines throughout the year.

In addition to filing Form 941, certain employers that make semi-weekly deposits to the IRS are also required to complete and attach Form 941 Schedule B to report their tax liability (not deposits) for the quarter.

Additionally, any businesses that have claimed the Qualified Small Business Payroll Tax Credit for Increasing Research Activities are required to complete and attach Form 8974.

CPEOs, payroll providers, and reporting agents are required to file an aggregate Form 941 Schedule R to provide a summary of all of their clients’ 941 information.

On the other hand, businesses may not always have withheld taxes from their employee’s wages during a quarter, but apart from a few exceptions, they are still required to file Form 941.

Form 941 Updates for Q1, 2024 and Beyond

As we enter a new tax year, it’s crucial to stay informed about any changes to Form 941. Here are some notable updates for Q1, 2024:

Social Security and Medicare Tax Limits: The Social Security wage base limit is now $168,600, with a tax rate of 6.2%.

Expanded Tax Coverage: Social Security and Medicare taxes now apply to household workers earning $2,700 or more and election workers receiving $2,300 or more in 2024.

Elimination of Tax Credits: COVID-19-related tax credits for qualified sick and family leave wages are no longer available on Form 941.
- There have been several changes to specific lines on the 941 draft. All of these changes reflect the removal of COVID-19-related tax credits:
  - Part I, Lines 11a – 11g has been removed.
  - Part I, Lines 13a-13i have been removed.
  - Part III, Lines 19-28 have been removed.

Implementation of Form 941-SP: Form 941-PR and Form 941-SS have been discontinued for 2024. Instead, they are being replaced with Form 941-SP (Spanish).

Form 941 for Q1, 2024: Get Ahead with TaxBandits

While April 30th may seem distant, being proactive can save you time and stress. The team at TaxBandits, a leading IRS e-file provider, is here to help employers access Form 941 for Q1 of 2024 – starting today! By getting a head start on quarterly filing, businesses can streamline their tax processes and ensure compliance.

TaxBandits offers a range of advanced features to simplify the Form 941 filing process:

Bulk Upload Templates: Easily upload your data using the 941 bulk upload template.
Form 941 Schedule B: Designed for semi-weekly depositors.
Form 941 Schedule R: Tailored for PEOs, CPEOs, and other 3504 agents.
Zero Reporting feature: Nothing to report for the quarter? Still required to file? TaxBandits speeds up the process so you can file quickly and accurately!
Volume-Based Prepaid Credits: Enjoy savings based on filing volume.
Built-In Worksheets: Simplify calculations and ensure accuracy.
Automatic Tax Calculations: Let TaxBandits handle the math for you.
Error Checks: Our system uses IRS Business Rules to identify potential errors.
Easy E-Signatures: Choose from a 94x online signature PIN or Form 8453-EMP for convenient e-signing options.