Where did the time go! As summer is coming to a close, so is the second quarter of the tax year. Today, August 02, 2021, is the deadline to file Form 941 for the second quarter.
If you have filed your return already, congrats! For those who haven’t, there’s no need to panic. We’re here to help! Here is an overview of the form you may need to file and how to meet your deadline easily with 123PayStubs.
Form 941 is the Employer’s Quarterly Federal Tax Return. Employers must file Form 941 to report wages you’ve paid and tips your employees have reported to you, as well as employment taxes (federal income tax withholding, Social Security and Medicare taxes withheld, and your share of social security and Medicare taxes).
E-File Form 941
In order to submit your Form 941 on time, e-filing is your best option. E-filing will ensure your Form 941 is processed quickly and acknowledgments are received in near real-time. When you e-file Form 941 with 123PayStubs you will receive your IRS filing status instantly. Our e-filing process is also straightforward and accurate.
Through e-filing with 123PayStubs, you can submit your form in just 3 simple steps:
Enter 941 Information
Sign Form 941
Review and Transmit Directly to the IRS
IRS Penalties for Late Filing
If you miss filing your Form 941 before the deadline, your business will be subject to late penalties. Here’s a quick outline of the penalties your business could incur:
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 of the unpaid tax amount if you pay the
Don’t let your business fall victim to these penalties! E-file Form 941 on time and easily with 123PayStubs.
Keep your business tax compliant and file Form 941 before the deadline!