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As a business owner, one of the responsibilities you have in a quarter is to file Form 941. To stay compliant and avoid IRS penalties, you will need to file Form 941 every quarter without fail.
In this article, we’ll walk you through the nitty gritty of Form 941 and guide you through how to file the return with the IRS.
IRS Form 941, Employer's Quarterly Federal Tax Return, is filed by employers to report employment taxes withheld from their employees' paychecks and the employer's share of social security and Medicare taxes.
The employment taxes withheld from employees include federal income tax and FICA (Social Security and Medicare) taxes.
All employers who pay salaries to their employees regularly are required to file Form 941 with the IRS.
While many employers in the US are required to file Form 941, there are exceptions and situations in which employers are not obligated to file this form. Here are some examples of who may not be required to file Form 941:
The deadline for filing Form 941 is typically the last day of the month that follows the end of the calendar quarter.
Below is the deadline for each quarter to file Form 941:
To file Federal Form 941, you will need various information related to your employees, wages, and tax liabilities. Below is the information typically required:
File IRS Form 941 easily with TaxZerone starting at just $6.99/return. You will only have to enter the required information, pay and sign Form 941, and transmit the return to the IRS.
The whole filing process gets completed in less than 5 minutes! You will also get email updates on your return status as soon as the IRS processes it.