2024 & 2023 Form 941 Due Date

1. When is the deadline to File Form 941 for the 2024 tax year?

The deadline to file Form 941 for 2024 will be the end of the month following the close of the quarter:

Note: If your taxes have been deposited on time and in full, the deadline is extended to the 10th day of the second month following the end of the quarter. E-file Form 941 Now

For example, you must generally report wages you pay during the first quarter - which is January through March - by April 30. If you made timely deposits in full payment of your taxes for the quarter, you may file by the 10th day of the second month that follows the end of the quarter.

For example, you may file Form 941 online by May 10 if you made timely deposits in full payment of your taxes for the first quarter.

2. How to file Form 941 for 2024?

You can file form 941 by electronically or paper:

IRS recommends e-filing of Tax Form 941 for quick processing

3. How to avoid Form 941 Late Filing Penalties?

You can avoid penalties and interest if you do all of the following:

• Deposit or pay your taxes on or before the deadline, using EFTPS.
• File your fully completed Form 941 on time.
• Report your tax liability accurately.
• Submit valid checks for tax payments.
• Furnish accurate Form W2 to your employees.
• File Form W3 & Copies A of Form W2 with the SSA on time & accurately.

4. What are the changes to Form 941 for 2024?

There are minor changes in Form 941 for the 2024 tax year.

• The social security wage base limit has been increased from $160,200 to $168,600.
• Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or more in 2024.
• Election workers who receive $2,300 or more in cash or its equivalent form of compensation are subject to Social Security and Medicare taxes in 2024.
• Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941.
• Certain lines has been removed from Form 941 for 2024 tax year.

To learn more about form 941 changes for the 2024 tax year, click here.

5. What are the changes to Form 941 for 2023?

There are a few minor changes to the Form 941 for 2023 tax year:

• First, the IRS updated the attachment Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities . This form is now used by small businesses to claim a tax credit of up to $250,000.
• To reflect this, Line 12 of Form 8974 has been updated. In previous quarters it has been "Credit”, it is now ‘Credit against the employer share of social security tax’. Additionally, Lines 13 -17 have been introduced to the form for the first quarter of 2023 and beyond.
• The IRS updated the first step of Worksheet 1 and has reintroduced Worksheet 2 for the first quarter of 2023.
• It is also important to note that the social security wage base limit for the 2023 tax year is now $160,200. Forms 941-PR and 941-SS will likely be discontinued after the 2023 tax year.

6. E-file Form 941 in minutes with TaxBandits

With TaxBandits you can e-file Form 941 with automatic tax calculations, error checks using the IRS Business Rules, built-in worksheets, 941 Schedule B, and 8453 EMP. Complete and transmit accurate forms in minutes by following three simple steps!

• Step 1: Create a free TaxBandits account!

• Step 2: Choose "Form 941" and enter the details.

• Step 3: Review and Transmit to the IRS.