Fall is almost here! As a new season approaches, there’s a lot to look forward to. However, it also means there is another tax deadline your business may need to begin preparing for. The quarter three deadline for Form 941 is right around the corner!
Although the deadline is still a few weeks away, it is good practice to begin filing your IRS returns far in advance. This will ensure if you run into any issues, you will have time to fix them. In order to give filers plenty of time to file, 123PayStubs is now accepting Form 941 for Q3 of 2021. 123PayStubs is a trusted e-filing service that will help you submit your Form 941 quickly and easily. 123PayStubs’ dedicated customer support team is also happy to provide assistance to anyone who needs it during their filing process.
Form 941 is the Employer’s Quarterly Federal Tax Return. Employers must file Form 941 to report incomes taxes, Social Security tax, and Medicare tax withheld from employee’s paychecks. Employers must also use Form 941 to pay their own portion of Social Security and Medicare tax. So, any person or business that pays wages to an employee must file IRS Form 941 on a quarterly basis.
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.
When is the Third Quarter Filing Deadline?
The third quarter filing deadline for Form 941 is November 01, 2021. It is extremely important to file Form 941 on or before the deadline. If you don’t file your return on time, your business may be subject to penalties from the IRS.
These penalties include
Initially, you may incur a penalty of 5% of the total tax amount due
You’ll be penalized an additional 5% each month for up to 5 months
The IRS also charges a 0.5% tax on the unpaid tax amount if you pay the Form 941 taxes late
The IRS may waive the late filing penalties if you have a valid reason for filing late.
Changes to Form 941 for Q3
Luckily, there haven’t been any changes to Form 941 itself for the third quarter. The only change the filers need to be aware of has to do with the employee retention credit.
Instead of using Worksheet 2 to calculate refundable and nonrefundable portions of the employee retention credit, filers should use Worksheet 4. So, Worksheet 4 will now be used to calculate the employee retention credit for the third and fourth quarter Form 941.
E–filing Form 941 With 123PayStubs
There are several benefits available for you when you choose to e-file tax forms. The IRS recommends e-filing because it is far more accurate and efficient than paper filing. When you e-file Form 941 with 123PayStubs, you will receive your filing status instantly and your return will be processed quickly. You will also be able to ensure your return is error-free with our accurate calculations, built-in error check, and the ability to make unlimited corrections before filing. Once your return is submitted, it will be stored securely within your 123PayStubs account for convenient access.