What Employers Need to Know about the Form 941 for Q3 of 2022

Get ahead of your Q3 Form 941 deadline with TaxBandits

Stephanie Glanville | September 23, 2022 | Read time: 4 minute(s) | Deadline, Form 94x Series | No Comments

Summer has come to an end and so is the third quarter of 2022, this means it’s time for employers to begin thinking about their quarterly filing obligations with the IRS.

Form 941 has been modified or updated in some way every quarter for the last two years, so getting up to speed on the latest update has become part of the filing process for employers.

Good news! There are actually no notable changes to Form 941 compared to the second quarter (last quarter) of 2022. This means that there aren’t necessarily any changes to get caught up on before you begin to file.

Here is a quick recap of everything employers need to file for the upcoming third quarter deadline.

Which Businesses are Required to File Form 941?

IRS Form 941, is the Employer’s Quarterly Federal Tax Return. All employers that withhold Medicare, social security, and federal income taxes from their employee’s paychecks are required to file on a quarterly basis as long as they operate. Employers are able to indicate that they are closing their business and filing their final return on Form 941.

When is the deadline to file Form 941 for Q3?

The deadline for employers to file Form 941 for the third quarter is October 31, 2022. This date doesn’t fall on a weekend or holiday, so the deadline to file with the IRS will be Monday, October 31st this year.

What about COVID-19 Tax Credits for Q3 of 2022?

None of the COVID-19 tax credits are available to employers anymore. Much like with last quarter’s form, there is no longer an option to claim any of the following credits:

Credits for qualified sick and family leave wages
The Employee Retention Credit
COBRA Premium Assistance Credits (expire last quarter)

Are there any Worksheets for Q3 of 2022?

Yes, there will still be two worksheets for Form 941 for the third quarter. These worksheets should only be used by employers that need to calculate and claim credits for applicable wages paid in previous quarters. These are the worksheets for the second quarter of 2022:

Worksheet 1. Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2020, and Before April 1, 2021
Worksheet 2. Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2021, and Before October 1, 2021.

For more information about Form 941 for the third quarter of 2022, click here.

TaxBandits offers e-file solutions for 94x Forms like the 941 and 940, we also support other important tax forms like the 1099 Series, W-2s, 1095s, and more.

To create your free TaxBandits account, click here to get started.