It doesn’t matter how big your business is, we know you’re pretty busy running it. There are a lot of things to keep up with from employee time off requests, meetings, bills, and more. We can’t even begin to list all the daily tasks you probably have on your plate!
However, with the busier you get the easier it can be to let stuff slip through the cracks and forgetting about certain tasks can create major problems down the road. Especially if you miss an important tax deadline and get hit with major penalties and fees, or even worse, and audit.
Form 941 And It’s Penalties
It’s important to be prepared for October 31st because it’s actually the 3rd quarter deadline for e-filing Form 941, the Employer’s Quarterly Tax Return. This quarterly report is used to disclose employment taxes for those who own and operate a business with employees. If your business pays wages to an employee then you’re required to file Form 941 four times a year.
Because you’re an employer, you are responsible for withholding federal Medicare, social security, and income tax form your employee’s paychecks. Quarterly Form 941 is used to make sure that you’re doing so, and it reports on the amount withheld from each paycheck. It’s also used to pay the amount of social security and Medicare tax owed by the employer to the IRS.
If you fail to file by the deadline the amount you owe could quickly grow because the late filing penalty is 5% of the total tax due. Plus, this amount will accrue on a monthly basis until the penalty reaches 25%.
If you fail to make a full payment on the amount of tax you owe by the deadline you will face an additional penalty of 2 to 15% of the total amount due to the IRS. This amount varies depending on how many days late your payment is. Late payment penalty amounts are determined by calendar days starting from the due date of the liability.
How To E-File Form 941
Filing Form 941 doesn’t have to be a hassle. The entire process is actually quick and stress-free with the help of ExpressTaxFilings, the market-leading IRS authorized e-filing program. It will guide you through the filing process to complete your form in a matter of minutes online.
You will start by creating your free ExpressTaxFilings account, then you will select ‘Create New 941’ form and enter your employer details, such as the name, address, and EIN. Next, you will select your tax year and quarter, deposit made to the IRS, and enter your deposit schedule and tax liability.
Then you will sign your form with your free online signature PIN or complete Form 8453-EMP. After that, you will review your information, pay for your form, and transmit it directly to the IRS.
Trust us, the entire process is incredibly quick and easy. All you have to do is follow the step-by-step instructions that explain what information is required to complete your form and where it needs to be entered.
We’re Standing By To Help
The ExpressTaxFilings dedicated, US-based support team are here to simplify tax filing. Please don’t hesitate to contact us with any questions that you may have! We’re available Monday – Friday from 9 AM to 6 PM EST at 704.684.4751. We’re also available via live chat and offer 24/7 email support at support@ExpressTaxFilings.com.