Form 941 Deadlines Compliance

Form 941 Due Dates: Employer's Quarterly Federal Tax Return

Form 941, also known as the Employer's Quarterly Federal Tax Return, is a critical document that employers use to report wages paid, tips received by employees, federal income tax withheld, and both the employer's and employees' share of Social Security and Medicare taxes. Timely filing is essential to avoid penalties and maintain compliance with IRS regulations.

What is Form 941?

Form 941 is a quarterly tax form filed by employers to report employment taxes. This includes federal income tax withholding and Social Security and Medicare taxes. Employers also use this form to claim certain tax credits, such as the credit for sick and family leave wages.

Key Due Dates for Form 941

Form 941 must be filed four times a year, corresponding to each calendar quarter. The due dates are as follows:

  • First Quarter (January 1 – March 31): Due by April 30.
  • Second Quarter (April 1 – June 30): Due by July 31.
  • Third Quarter (July 1 – September 30): Due by October 31.
  • Fourth Quarter (October 1 – December 31): Due by January 31 of the following year.

Filing Extensions

The IRS does not typically grant extensions for filing Form 941. However, if you cannot meet the filing deadline, it’s important to pay any taxes owed by the due date to minimize penalties and interest. Late filing penalties may apply if you fail to file the form on time.

Deposit Schedule for Employment Taxes

In addition to filing Form 941, employers must deposit employment taxes according to their deposit schedule:

  • Monthly Depositor: Deposit taxes by the 15th of the following month for wages paid in the previous month.
  • Semiweekly Depositor: Deposit taxes by the following Wednesday for wages paid on Wednesday, Thursday, or Friday, and by the following Friday for wages paid on Saturday, Sunday, Monday, or Tuesday.

Failure to make timely deposits can result in additional penalties and interest.

How to File Form 941

Employers can file Form 941 electronically or by mail:

  1. Electronic Filing: Use the IRS e-File system or an authorized e-file provider to submit your form.
  2. Mail Filing: Send your completed Form 941 to the IRS address provided in the form’s instructions, which depends on your business location and whether a payment is included.

Penalties for Late Filing

  • Failure-to-File Penalty: The IRS charges 5% of the unpaid tax per month or part of a month that the return is late, up to a maximum of 25%.
  • Failure-to-Pay Penalty: The IRS charges 0.5% of the unpaid tax per month, up to 25%.

To avoid penalties, ensure both the filing and payment deadlines are met.

Tips for Staying Compliant

  • Set reminders for filing and deposit deadlines to avoid missing important dates.
  • Keep accurate payroll records to ensure all information on Form 941 is correct.
  • Work with a tax professional or payroll service to manage compliance.

Recommended Reading

FAQs

What are the due dates for Form 941?

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Form 941, which is used by employers to report income taxes, Social Security tax, and Medicare tax withheld from employee's paychecks, has specific due dates throughout the year. For most employers, Form 941 is due on the last day of the month following the end of each calendar quarter. This means that the due dates are April 30 for the first quarter (January to March), July 31 for the second quarter (April to June), October 31 for the third quarter (July to September), and January 31 of the following year for the fourth quarter (October to December). If the due date falls on a weekend or federal holiday, the form is due the next business day. It is important to file on time to avoid penalties and ensure compliance with IRS regulations.

What is the schedule for filing Form 941?

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The schedule for filing Form 941 requires employers to submit the form quarterly. Due dates typically fall on the last day of the month following the end of each quarter.

What are the due dates for submitting Form 941?

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Form 941 due dates are typically the last day of the month following the end of each quarter. For example, for the first quarter ending March 31, the due date is April 30.

When is the first quarter Form 941 due?

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The first quarter Form 941 is due on April 30th of each year. Employers must file this form to report income taxes, social security tax, and Medicare tax withheld from employee wages.

What are the due dates for filing Form 941 throughout the year?

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Form 941 is typically due on the last day of the month following the end of each quarter, which means the deadlines are April 30, July 31, October 31, and January 31 for the respective quarters. Additionally, if you have a balance due, payment must be made by the same date to avoid penalties.

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