Form 941 is a necessary form that employers must file on a quarterly basis. Businesses with hundreds of employees all the way down to small businesses with a handful of employees are required to file. This form is key to remaining IRS compliant.
If you are unsure about how to file this form, if you need to file this form, or when this form is due, you have come to the right blog.
We are covering all things Form 941, to help you file accurately by midnight!
The clock is ticking, here is what you need to know to start e-filing your Q2 Form 941!
What is Form 941?
This form is the Employer’s Quarterly Federal Tax Return, it must be filed and submitted with the outstanding tax payment. All employers must withhold certain taxes from their employee’s paychecks, including Federal Income taxes, Medicare taxes, and Social Security taxes. Essentially, most business owners with employees must file this form on a quarterly basis.
What Businesses are Required to File?
If you paid wages to your employees during the quarter that are subject to withholding, you are required to file Form 941.
Once you have filed your first return, you will need to file a Form 941 for every quarter, regardless of whether you have taxes to report, until you file a final return for your business.
There are a few exceptions to this. Seasonal employers aren’t required to file every quarter, and those that employ household workers or farm workers will be held to different filing requirements.
For a checklist of the information that you will need to file Form 941, check out this blog.
How Should I File Form 941?
When it comes to the method of filing, you can file electronically or mail a paper copy. E-filing is actually the IRS-preferred method. Not only is e-filing Form 941 easier for you, but it is also easier for the IRS.
They are able to process electronic forms at a much faster rate. This is good news for you, as you will be notified sooner about the status of your form.
With 123PayStubs, small business owners can file easily and accurately while spending less money than they would paper filing! Postage fees, trips to the post office, and time spent doing manual calculations all make paper filing a much more complicated process than it needs to be.