Form 941 is an employer’s quarterly tax form filed by employers to report federal, income tax, social security tax, and Medicare tax withholdings from the employee’s paycheck. This information must be reported to the IRS every quarter.
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Form 941 is an employer’s tax return that must be filed every quarter. The deadline to file your Form 941 falls on the last day of the month, following the end of the quarter. If the deadline falls on a Saturday, a Sunday, or a legal holiday, you must file your return within the next business day. Here are the deadlines for each quarter in 2020.
Due to the effects of the pandemic, the IRS had to make some changes to the existing Form 941 return.
The new updated Form 941 addresses the issues raised due to the impact of COVID-19 by allowing qualifying employers to defer deposits on their payroll taxes, obtain employment tax credits, apply for Payment Protection Program (PPP) loans, and claim payments towards advance credits.
Employers must submit the new revised Form 941 while filing for the second quarter in 2020.
You can e-file your Form 941 smoothly and complete your return in minutes. Here are the steps to e-file your Form 941 return.
The penalties for not filing Form 941 within the deadline will be 5% of your total tax due for each month until it reaches a maximum of 25%. If you can show a reasonable cause for not filing your Form 941 return on time, the IRS will consider removing your penalties.
Visit https://www.expressefile.com/form-941-penalty/ to know more about the 941 penalties.
The mailing address of your Form 941 return will vary based on your state and the inclusion of payment along with your return. The IRS will require you to mail your Form 941 return to a different address if you don’t have a legal business residence or principal office in the United States.
Visit https://www.expressefile.com/form-941-mailing-address/ to know the mailing address for each state.
E-file Form 941 directly to the IRS in minutes.