Form 941

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What is Form 941? 

Form 941 is a form from the Internal Revenue Service (IRS). It is also called the “Employer’s Quarterly Federal Tax Return”. 

According to federal law, employers are required to pay their employees and withhold specific taxes from paychecks. These details are reported to the Internal Revenue Service (IRS) via Form 941 which is filed quarterly. 

What is the purpose of filing Form 941?

Form 941 is fundamentally a quarterly report that is submitted to the IRS. The following information is indicated in Form 941:

Aside from reporting the withholding information of employers, Form 941 can also be used to calculate payroll tax liability and adjust amounts due. 

Keep in mind that Form 941 is not to be used for reporting unemployment taxes or income tax withholding on non payroll payments like pensions and annuities. 

I am a business owner. Must I file Form 941?

If you are a business owner and you pay wages to your employees that are subject to federal income tax, Social Security, and Medicare taxes, then yes. You must file Form 941 quarterly. 

Where can you get Form 941? 

Employers can download Form 941 from the Internal Revenue Service (IRS) website. It is possible to fill it out electronically on the website or download it for printing. 

Are there any exceptions to filing Form 941? 

Some employers do not need to file Form 941. If you are an employer, you do not have to use Form 941 if:

I am a business owner. When should I file Form 941? 

Form 941 is filed quarterly. When is it due? Remember that the deadline is the last day of the month following the end of the quarter. 

If the due date for filing falls on a weekend or a legal holiday, it is all right to file before the end of the next business day. This will still be considered timely filing. 

How can I file Form 941? 

Employers have two options to choose from that they can file Form 941. The first way is by mail. Before sending, be sure to check the IRS website for the list of addresses for each state. It will also give you the address to use if you are sending a payment together with Form 941. 

Another option to filing Form 941 is to e-file. If you want to submit Form 941 yourself,  you can either use an authorized IRS e-file provider or buy an IRS-approved software to file electronically. You may do this or have a tax professional file Form 941 for you. 

What are some tips to avoid penalties and interest? 

There are penalties and interest that may be charged for late payment of taxes and late filing of returns. Here are some tips for employers to avoid penalties and interest:

If the IRS sends you a notice about a penalty after filing Form 941, be sure to reply to the IRS notice explaining your situation. The IRS can evaluate and see if this meets the reasonable-cause criteria. Do not attach an explanation letter when filing your Form 941.

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