IRS Form 941-SS Fourth Quarter Deadline is February 1, 2021
E-File 2020 Form 941-SS
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Form 941-SS Key Features
Schedule B (Form 941)
TaxBandits helps to report Form Schedule B tax liability and semiweekly deposit schedule and transmit it directly to the IRS.
94x Online Signature PIN
The IRS requires you to sign your form with an Online Signature PIN when filing your Form 941-SS. Simply apply a FREE Online Signature PIN with TaxBandits.
If you don't have an Online Signature PIN, don't worry! You can always use Form 8453-EMP to e-sign your Form 941 through TaxBandits.
Prior-Year Tax Filing
TaxBandits support Form 941-SS filing for both the current and previous tax periods. You can file for both tax periods without any additional pricing.
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What Information is Required to File Form 941-SS Online?
- 1. Employer Details: Name, EIN, and Address
2. Employment Details:
- i. Employee Count
- ii. Medicare Tax and Social Security
- iii. Deposit Made to the IRS
- iv. Tax Liability (Monthly/Semiweekly)
- v. Signing Authority Information
- vi. Online Signature PIN or Form 8453-EMP
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How to E-File Form 941-SS Online for 2020 Tax Year with TaxBandits?
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Frequently Asked Questions
What is IRS Form 941-SS?
Form 941-SS is the US Territories Employer’s Quarterly Federal Tax Return filed by wage-paying employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the US Virgin Islands. If you own and operate a business with employees in US territories, you will need to file IRS Form 941-SS quarterly. Employers are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s salary.
When is Form 941-SS due?
Form 941-SS is generally due by the last day of the month following the end of the quarter. You’re required to file Form 941-SS for each quarter.
- 1. First quarter (JAN, FEB, MAR) is due on April 30, 2020
- 2. Second quarter (APR, MAY, JUN) on July 31, 2020
- 3. Third quarter (JUL, AUG, SEP) on November 02, 2020
- 4. Fourth quarter (OCT, NOV, DEC) on February 01, 2021
What are the penalties for not filing Form 941-SS on time?
Failure to file form 941-SS 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 you 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. To learn more about Form 941-SS penalties for not filing & not paying the taxes.
How to Sign Form 941-SS when filing electronically?
The IRS requires an e-signature to complete Form 941-SS to ensure that the person filing has the proper authorized by the company or business. If you don’t possess 94x Online Signature PIN, you will need to complete and e-sign Form 8453-EMP.
TaxBandits supports e-signing of Form 8453-EMP where you can e-sign instantly when you are filing your Form 941-SS online. Apply for an online signature PIN for free today. Apply Now
What are the changes in 2020 Form 941 SS for COVID19?
IRS released a new Form 941 SS, US Territories Employer’s Quarterly Federal Tax Return for 2020, as well as updated instructions to reflect the effects of COVID-19.
The updated new form 941 SS addresses the economic impacts of COVID-19 by allowing qualifying employers to defer deposits on their payroll taxes, apply for Payment Protection Program (PPP) loans, obtain employment tax credits, and claim payments towards advance credits.
Employers will be required to use the new 2020 Form 941 SS when they submit their 941 quarter filing to the IRS. The fourth-quarter Form 941 SS deadline is February 01, 2021.
Helpful Resource for Form 941
Form 941 3rd Quarter changes
IRS released a new Form 941 for the third quarter of 2020 to report deferrals of the employee portion of the Social Security tax.
Form 941 Worksheet 1
If you file Form 941 to the IRS, use this 941 Worksheet to calculate your refundable and non-refundable tax credits under CARES Act and Employees Retention Credit.
Form 941 Mailing Address
Where to mail form 941 without payment or with payment?. Find and Get your state wise address from this resource article.
Form 941 instructions
TaxBandits has provided the complete guide that contains line by line instructions to file form 941. Read this resource article and get to know about each line of your Form 941.