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New Changes to the Form 941 for the 2024 Tax Year
Updated on April 09, 2024 - 10:30 AM by Admin, Tax bandits
The IRS has released changes to Form 941 for the 2024 tax year. There are a few changes to Form 941 that employers should be aware of before filing Form 941.
- The Social Security wage base limit has been updated for 2024.
- The revised instructions indicate the removal of COVID-19 credits.
- These revisions could be applicable throughout all four quarters of 2024.
This article contains detailed information about the Form 941 changes for the 2024 tax year.
The following topics are covered in this article:
1. What are the changes to Form 941 for 2024?
There are some major changes to Form 941 for 2024. The following changes are made for the 2024 tax year:
- The Social Security wage base limit has now been increased from $160,200 to $168,600.
- Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or more in 2024.
- Election workers who receive $2,300 or more in cash or its equivalent form of compensation are subject to Social Security and Medicare taxes in 2024.
- Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941.
- Form 941-SS and 941-PR are discontinued after 2023. Instead, employers in those U.S territories have the option to file using Form 941 or if they prefer a Form in Spanish, they can file using the new Form 941(sp).
- Publications- 51, 80, and 179 are no longer required after 2023. Instead, information necessary for agricultural employers and employers in U.S Territories will be included in Publication 15 (Employer's Tax Guide). Also, a Spanish version of Publication 15 has been introduced starting from 2024.
Certain lines have been removed from Form 941 for 2024:
In Part 1, Lines 11a to 11g have been removed. Instead, Line 11 will have the information regarding Form 8974 (Payroll tax credit for Qualified small business for increasing research activities).
Lines 13a - 13i have also been removed. Instead, line 13 will contain information regarding the sum of deposits for the particular quarter which includes overpayment applied from a prior quarter and overpayments applied from Form 941-X, Form 941-X (PR), Form 944-X, or Form 944-X (SP) filed in the current quarter.
In Part 3, Lines 19 - 28 have been removed.
2. When are the Form 941 deadlines for the 2024 tax year?
Form 941 is required to be filed every quarter while the business is in operation. The 2024 Form 941 due dates are listed in the table below:
| Reporting Period | Deadline |
|---|---|
| January - March | April 30, 2024 |
| April - June | July 31, 2024 |
| July - September | October 31, 2024 |
| October - December | January 31, 2025 |
TaxBandits, an IRS-authorized e-file provider, offers a straightforward 941 filing solution at the low cost of $5.95 per form. E-file 941 Now!
3. How do I file 941 online for Q1, 2024 with TaxBandits?
E-filing Form 941 with TaxBandits is simple and accurate. TaxBandits updates the filing process each quarter to include all the most recent IRS updates, which includes all the necessary attachments like Form 8974.
TaxBandits simplifies your filing with automatic tax calculations, error checks using the IRS Business Rules, built-in worksheets, 941 Schedule B, and Form 8974. Follow these simple steps below to complete and transmit your forms to the IRS in minutes!
- Step 1: Sign in to create a free TaxBandits account!
- Step 2: Choose 'Form 941' and enter the details.
- Step 3: Review and Transmit to the IRS.
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