E-File Form 941 Online in
3 Simple Steps

Form 941, Employer's Quarterly Tax Return, is an IRS form that reports employment taxes. Employers use Form 941 to:

• Report federal income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks.
• Report and pay the employer's portion of FICA (Social Security or Medicare tax).

Get detailed information about Form 941.

There are some significant changes to Form 941 for 2024 that employers must know before they file 941 for
their business.

• The Social Security wage base limit is increased from $160,200 to $168,600.
• In 2024, Social Security and Medicare taxes apply to the wages of household workers who earn $2,700 or more and election workers who receive $2,300 or more in cash.
• The COVID-19-related credit for qualified sick and family leave wages can no longer be claimed on Form 941.
• Forms 941-SS and 941-PR are to be discontinued after 2023. Instead, employers in the U.S. territories will file 941 or, if they prefer a Form in Spanish, they can file using the new Form 941 (sp).
• In Form 941, Lines 11a to 11g, Lines 13a to 13i, and Lines 19 to 28 have been removed.

Visit https://www.taxbandits.com/revised-form-941-changes-for-2024/ for more detailed information about changes to Form 941 for the 2024 Tax Year.

If you're an employer who pays wages subject to federal income tax withholding or social security and Medicare taxes, you must file Form 941 quarterly to report them.

Note: You are required to file 941 even when there are no employees or taxes to report for the
particular quarter.

Employers who fall under any one of the below-mentioned categories are not required to file
Form 941.

Seasonal Employees:

• If your business hires employees seasonally, you are not obligated to file Form 941 every quarter.
• Complete Form 941 only for the quarter in which you hire seasonal employees.

Household Employees:

• Individuals with household employees, such as nannies, are exempt from filing Form 941.

Farm Employees:

• Businesses with farm employees do not report wages for agricultural labor on Form 941. Instead, use
  Form 943 for reporting purposes related to farm employees.

Form 941 is generally due by the last day of the month following the end of the quarter. You’re required to file Form 941 online for each quarter.

• First-quarter (JAN, FEB, MAR) is due on April 30, 2024
• Second-quarter (APR, MAY, JUN) is due on July 31, 2024
• Third-quarter (JUL, AUG, SEP) is due on October 31, 2024
• Fourth-quarter (OCT, NOV, DEC) is due on January 31, 2025

Visit https://www.taxbandits.com/form-941/form-941-due-date/ to learn more about
Form 941 Deadlines.

Employers are required to file 941 even when no wages were paid to the employees for the particular quarter. In such cases, the tax amount will automatically be zero. IRS expects employers to file Form 941 even when their tax amount is zero. This is called zero tax reporting on Form 941.

TaxBandits simplifies zero reporting on Form 941. Check in the appropriate box and Choose the condition for zero reporting. You can just File 941 Online within a few steps!

Failure to file form 941 by the deadline will result in a 5% penalty on the tax return for each month the return is late. This penalty caps at 25%. The IRS will also heavily penalize for late payment or not paying the full amount owed. You will be charged 2-15% of the unpaid tax determined by the number of days it remains unpaid.

Learn more about Form 941 penalties for not filing or not paying the taxes.

The IRS recommends employers to file 941 electronically considering several benefits, including quicker processing, reduced risk of errors, and instant confirmation of return by the IRS. TaxBandits provides a quick and secure way to file 941 online, ensuring tax compliance.

The IRS requires an Online Signature PIN to complete Form 941 2024 to ensure that the person filing has the proper authorization by the company or business. Employers can still complete Form 941 filings using Form 8453-EMP if they don’t possess 94x Online Signature PIN.

TaxBandits support Form 8453-EMP where you can e-sign it instantly when you are filing your Form 941 online. And if you don't have an Online Signature PIN, you can apply it for FREE using TaxBandits.

Schedule B on Form 941 is specifically applicable to employers who follow a semi-weekly payroll schedule for depositing their payroll taxes. If your reported taxes exceeded $50,000 during the lookback period, which is a 12-month period covering four quarters and concluding on June 30 of the previous year, you are obligated to deposit taxes on a semi-weekly basis.

For example, the lookback period for the year 2023 is from July 1, 2022, to June 30, 2023.

Yes, You have to deposit the federal income taxes you withheld and both the employer and employee share of social security taxes and Medicare taxes

• If your total taxes after adjustments and nonrefundable credits on Form 941, line 12, are less than $2,500 for the current or prior quarter, and you didn't have a $100,000 next-day deposit obligation during the current quarter, you aren't required to make a deposit.
• If your total taxes after adjustments and nonrefundable credits are $2,500 or more for the current and prior quarter, you must follow your deposit schedule. Refer to section 11 of Pub. 15 for information on payments under the accuracy of deposits rule and rules about federal tax deposits.

The balance due is the amount owed to the IRS after reconciling your tax liabilities and deposits for the quarter. You can pay the 941 balance due through TaxBandits using the following methods:

• Electronic Funds Withdrawal (EFW)
• Electronic Federal Tax Payment System (EFTPS)
• Credit/Debit Card
• Check or Money Order.

For more information about payment methods for the balance due, click here.

If you need to make corrections on a previously filed 941 form, you can use Form 941-X.

Form 941-X is an IRS form that you can use to correct wages, tax amounts (underreported or overreported), and certain other information. Starting in 2024, the IRS has begun accepting e-filing of the 941-X form. For more information about 941-X, click here.

Small businesses are able to claim qualifying research expenses and activity against their payroll tax liability. To do this, employers must complete and attach Form 8974. Employers have the option to fill this form out while filing their 2024 941 Form with TaxBandits.

TaxBandits will help you claim the R&D tax credit for your research expenses in a few simple steps. We will auto-populate the required information for Form 8974 when you e-file Form 941 through TaxBandits. Once you review both forms, you can transmit the return directly to the IRS.