E-File Form 941 Online

Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes. Employers who own and operate a business with employees need to file IRS Form 941 quarterly and are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s salary. This form is also used to calculate the employer's portion of Social Security and Medicare tax.

Click here to learn more about What is 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.

Businesses that pay wages to their employees are generally required to file Form 941 each quarter. However, there are exceptions to this rule:

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.

Form 941-X is used to correct errors made on the previously filed Form 941. Information such as Underreported taxes, Overreported taxes are required before filing 941-X to make corrections to previously filed 941. When Filing Form 941-X to correct underreported taxes, it is necessary to remit a tax payment alongside the form. On the other hand, if addressing overreported taxes, there is an option to request either a refund or a reduction for the subsequent returns. You can correct the errors, print Form 941-X, and send it to the IRS.

Want to make corrections to the previously filed 941 return?

TaxBandits now accepts the E-Filing of Form 941-X for the 2024 Tax Year. Make Corrections Now.

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.