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#1 You must file IRS Form 941 if you operate a business and have employees working for you.
Don’t panic!
That’s why we’re here to make sure you have all the information you need to know before any deadlines approach.
As an employer, you are responsible for withholding federal income tax and other payroll taxes from each employee’s paycheck and remitting it to the IRS. Every Form 941 that you file reports the total amount of tax you withheld during the quarter.
#2 Generally, any person or business that pays wages to an employee must file a Form 941 each quarter, and must continue to do so even if there are no employees during some of the quarters.
Did you know that the only exceptions to this filing requirement are for seasonal employers who don’t pay employee wages during one or more quarters, employers of household employees and employers of agricultural employees?!
Make sure to know where you fall when it comes to filing!
#3 Every time you prepare a Form 941 for the quarter, you must report the number of employees you have, the total wages you paid, and the amount of taxes you withheld to arrive at the amount you must send to the IRS.
Take note!
Before you get started on your return, make sure you have all your payroll records as well as documentation for any taxable tips your employees might’ve reported to you.
#4 Since you must file a separate form for each quarter, the IRS imposes four filing deadlines that you must adhere to.
So make sure to save these dates in your calendar!
It’s important to remember that the filing deadline will always fall on the last day of the month following the end of the quarter. You’ll have one month to prepare the form before having to submit it to the IRS.
Note: If any due date for filing shown below falls on a Saturday, Sunday, or legal holiday, don’t worry, you can file your return on the next business day.
Here are the important date to keep in mind:
#5 Failure to timely file a Form 941 may result in a penalty of 5% of the tax due with that return for each month or part of a month the return is late.
So watch out and don’t let it slip!
The penalty does cap out at 25% and a separate penalty does apply if you make a tax payment late or pay less than you owe. The IRS will charge you 2%-15% of your underpayment, depending on how many days it takes you to pay the correct amount.
At the end of the year, the total amounts you report on the four Form 941s must equal the total of all amounts you report on the W-2 forms you distribute to employees, as well as the W-3 form you send over to the government.
One last important thing to note is that QuickBooks Payroll does file most state and federal forms including the 941, so if you’re curious to see what forms we can file for you, make sure to check out this article here. Using QuickBooks Payroll can help you save precious time.
That’s all for today! I hope you found these 5 facts helpful in getting you prepared to file Form 941. Until next time!
