What is the IRS Form 941

Running a successful business takes more than only a fantastic product and advanced advertising and marketing methods.

Together with payroll comes taxation and employment tax types. All of which you need to manage with the IRS each quarter.

Attempting to file quarterly taxes may quickly lead to hefty penalties which will set your company back financially.

We wish to see you succeed, we have assembled the 411 companies will need to know about IRS Form 941.

IRS Form 941…What is That?

If you are new to Form 941 quarterly filings, it is fine! You are going to be up to speed after reading this article.

Because by the end of April, July, October, and January, 941 Types are utilized to report withholding levels for federal income taxation, Social Security & Medicare taxes, employer obligations for withholding sums, as well as any extra amount which you owe the IRS.

Yes, IRS Form 941 must be filed quarterly (four times each year) with due dates after the conclusion of the final month in each quarter.

In the 2020 year deadlines are:

  • First Quarter (January – March) – April 30, 2020;
  • Second Quarter (April – June) – July 31, 2020;
  • Third Quarter (July — September) — November 2, 2020;
  • Fourth Quarter (October — December) — February 01, 2020.
Notice: Quarterly due dates which fall on a weekend or holiday afternoon will be due on the next business day.

What information do you need to E-File Form 941?

Employer Details: Name, EIN, and Address

Employment Details:

  • Worker Count;
  • Medicare Tax and Social Security;
  • Deposit Created into the IRS;
  • Tax Obligation (Monthly/Semiweekly);
  • Signing Authority Information;
  • Online Signature PIN or Form 8453-EMP.

The Way To E-File Your Own 941 Form

As Soon as You have gathered the information you need, follow these simple actions to deal with your quarterly employment taxes:

  • Input employer details;
  • Pick tax year/quarter;
  • Input the deposit made into the IRS;
  • Input your deposit program and taxation liability;
  • Input the Internet signature PIN or finish Form 8453-EMP;
  • Review, pay and carry your type directly to the IRS.