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 new changes to Schedule B
(Form 941) for 2021?
For the 2021 tax year, the Report of Tax Liability for Semiweekly Schedule Depositors has
the following changes:
- 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.