What You Need to Know About the 940 and 941 Deadlines
If you have already filed your Form 940 for 2021 and/or your Form 941 for the fourth quarter of 2021, congratulations! You are keeping up with your deadlines like a champion!
If you haven’t filed these forms yet, you may be in luck. The IRS does allow some extra time to file these forms when you have made all of your deposits on schedule and in full.
For more information on Forms 940 and 941 and their deadlines, keep reading this blog!
What is Form 941?
All employers that pay wages that are subject to income, social security, and Medicare tax withholding must file Form 941 with the IRS on a quarterly basis. Form 941 is always due to the IRS on the last day of the month following the close of the quarter.
What is Form 940?
Form 940 is used to report Annual Federal Unemployment Tax Act or FUTA. These taxes are used to fund unemployment compensation for those who have lost their jobs.
The majority of employers must pay unemployment taxes at the federal and state levels. The federal unemployment taxes are reported on Form 940.
What is the Deadline for Filing Form 940?
Form 940 is due to the IRS on an annual basis. This form is typically due on January 31st every year unless this date falls over the weekend, then the deadline is the next business day.
It is important to note that if you have made all of your deposits in a timely manner throughout the tax year, and if you have also paid the deposits in full, the IRS actually gives you a little extra time to file.
If you have followed the deposit schedule, your Form 940 isn’t due to the IRS until February 10, 2022.
What are the Deadlines for Filing Form 941?
Form 941 is due to the IRS on a quarterly basis, the most recent 941 deadline was January 31, 2022, this was for the fourth quarter of 2022. The other quarterly deadlines include:
- April 30th (first quarter)
- July 31st (second quarter)
- October 31st (third quarter)
- January 31st (fourth quarter)
Much like with Form 940, if the deadline falls over a weekend or on a federal holiday, the next business day is the deadline.
Additionally, if you have made all of your deposits in a timely manner throughout the tax year, and if you have also paid the deposits in full, the IRS actually gives you a little extra time to file.
If you have followed the deposit schedule, your Form 941 isn’t due to the IRS until February 10, 2022.
Get Started Now with TaxBandits
If you need to meet your Form 940 or 941 deadline, TaxBandits is here for you. We offer simple, time-saving e-filing.
You can easily complete your Form 940 and 941 and the Schedules you may need to attach. With bulk upload options, you can easily import all of your information at once for faster filing.
We even run checks against the IRS business rules to ensure that you file your forms accurately, without common errors.
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