Form 941 Schedule B 2023 - E-file Now with
Form 941

The IRS requires additional information regarding the TAX LIABILITIES for a semiweekly depositors. This information is collected on Schedule B (Form 941).

Form 941 Schedule B Filing Requirements

Form 941 Schedule B must be filed by employers,

• if they are reporting more than $50,000 in employment taxes for the previous period
• if they have accumulated $100,000 or more in tax liabilities for the current or past calendar year

What are the changes in Form 941 for the 1st quarter of 2023?

The IRS has updated Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities, to allow small businesses to claim up to $250,000 in credit against the employer share of social security tax. Worksheet 1 and Worksheet 2 have been updated, and the social security wage base limit for the 2023 tax year is now $160,200.

Visit https://www.taxbandits.com/form-941/revised-new-irs-form-941-for-q1-2023/ to learn more about Revised Form 941 for 2023.

• The deferral of the deposit and payment of the employer share of social security tax for deposits and payments as well as the deferral of the withholding, deposit, and payment of the employee share of social security tax on wages have expired.
• Section 303(d) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 allows for a new payroll tax credit for certain tax-exempt organizations affected by certain qualified disasters not related to COVID-19.

How TaxBandits Helps You Complete Your
Form 941 Schedule B?

To complete your Schedule B report, you are required to enter your tax liability in the numbered space that corresponds to the date that wages were paid.

TaxBandits helps you to file Form 941 Schedule B for you that's based on the information you provide while completing your Form 941.

Learn more about how to e file form 941 for 2023 with TaxBandits.