The deadline to file Form 941 for Q3, 2023 is October 31, 2023. E-File Now

Deadlines for IRS Form 941 for the 2023 Tax Year

Updated on October 18, 2023 - 10:30 AM by Admin, TaxBandits

Employers are responsible for filing Form 941, Quarterly Federal Tax Return to report withholding, Social Security and Medicare (FICA) taxes.

Form 941 must be filed every quarter by the last day of the month following the quarter.

Form 941 must be filed even if you have no taxes to report, with the exception of seasonal employers and those who are filing their final return. To calculate the refundable and nonrefundable portion of the qualified family & sick leave and employee retention credits, Form 941 Worksheet 1 can be used.

The following topics are covered in this article:

  1. When is the deadline to File Form 941 for the 2023 tax year?
  2. How to file Form 941 for 2023?
  3. How to avoid Form 941 Late Filing Penalties?
  4. What are the changes to Form 941 for 2023?
  5. E-file Form 941 in minutes with TaxBandits

1. When is the deadline to File Form 941 for the 2023 tax year?

The deadline to file Form 941 for 2023 will be the end of the month following the close of the quarter:

Quarter Reporting Period 941 Due Date
Quarter 1 Jan, Feb, and Mar May 01, 2023
Quarter 2 Apr, May, and Jun July 31, 2023
Quarter 3 Jul, Aug, and Sep October 31, 2023
Quarter 4 Oct, Nov, and Dec January 31, 2024
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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 by May 10 if you made timely deposits in full payment of your taxes for the
first quarter.

Enter your email address and start to file your quarterly Form 941.

E-file before the deadline with TaxBandits and Avoid late filing penalties.

2. How to file Form 941 for 2022 & 2023?

You can file form 941 by electronically or paper:

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

If you choose electronic filing,

Choose the right authorized e-file provider to easily complete the form. E-file your form 941 and get instant filing status and updates from the IRS.

TaxBandits is an IRS authorized e-file provider of Tax Form 941, we provide an easy-to-use platform to file your 941 with the IRS. You can complete your filing in less than 5 minutes and the cost to file your return with the IRS is only $5.95.

Visit https://www.taxbandits.com/payroll-forms/e-file-form-941-online/ to learn more about how to efile form 941 online?

If you choose to paper filing,

Returns sent by mail must be addressed correctly, have sufficient postage, and be postmarked by the U.S. Postal Service on (or before) the deadline. See the previous section for deadline information. Send returns via the U.S. Postal Service to one of these addresses, https://www.irs.gov/filing/where-to-file-your-taxes-for-form-941.

Visit www.taxbandits.com/form-941/941-mailing-address/ to learn more about the 941 mailing addresses.

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 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.

5. 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.

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