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FAQ

What is the IRS Form 941?
The third quarter filing deadline for Form 941 is fast approaching! If you don’t have a full-service payroll solution for your small business like PayWow, manually filing Form 941 can be tricky but it need-not be difficult. We’re sharing a complete small business guide to IRS Form 941 to help during this tax season!The Complete Small Business Guide to IRS Form 941What is Form 941?Form 941, the Employer’s Quarterly Tax Return, is used to report employment taxes. If you pay wages for employment, you will need to file IRS Form 941 quarterly. You, the employer, are responsible for withholding and reporting social security tax, income taxes, and Medicare tax from employee wages. Form 941 is also used to calculate your portion of social security and Medicare tax.Fourth Quarter Form 941 Deadline: January 31stDo I Need to File IRS Form 941?All businesses that pay wages for employment are required to file Form 941 and continue to do so even if there are no employees present during select quarters. Seasonal and agricultural employers are the only exception and are not required to file for each quarter.What Do I Need to File Form 941?To file Form 941, you will need your business details such as your EIN and preferably an Online Signature PIN. You do not necessarily need a PIN to file, however, if you choose to file online it will make the process simpler. If you do not have a PIN, you will need to complete and e-sign Form 8453-EMP.In addition to your business information, you need these three pieces of payroll information in order to file Form 941.Number of EmployeesTotal Paid WagesIRS Tax Amount WithheldWhat are the Penalties Associated with Form 941?A failure-to-file tax penalties for Form 941 result in a 5% penalty based on the total tax amount due. Your business is then charged an additional 5% each month the return remains unpaid, for up to five months.You’ll be penalized for depositing tax payments late. Initially, you will be penalized .5% of the unpaid tax amount and will be charged each month following the deadline. The penalty amount will increase to 1% of the tax amount ten days following notice that the IRS intends to levy. This notice should be taken seriously and is a final warning that the IRS is prepared to seize your property to satisfy the unpaid debt.Warning: The IRS can garnish your wages, withdraw money from your bank accounts or posses other personal property to settle the owed debt. However, the tax penalty will be capped at 25% of the total unpaid tax.I hope this was helpful!! For the full article click here:The Complete Small Business Guide to IRS Form 941 - PayWow:) I know that filing employment taxes can be hard from personal experince so why not seek help!
How long does it take the IRS to accept or reject an IRS Form 941 return?
If you e-file, you should get your e-file acknowledgement back within the hour. Your software provider should provide you with your ack code, which they receive from the IRS.The IRS servers are lightning fast now after they upgraded them a few years ago after the Russians hacked into them back in 2015. (IRS believes Russians are behind tax return data breach - CNNPolitics). No more waiting 24 -48 hours for an ack code, even though they still tell you officially that’s how long it will take.If you paper file, the whole process slows down to a crawl, and if you make a mistake, the interest and penalties add up before you even know there’s a problem.
What is the IRS 941 filing deadline?
The deadline to file Form 941 for the third quarter is Wednesday (Halloween). Get some last-minute filing tips here.
When is the IRS 2018 Form 941 due?
Form 941 is filed quarterly.For Q1, January - March, the form is due April 30thFor Q2, April - June, the form is due July 31stFor Q3, July - September, the form is due October 31stFor Q4, October - December, the form is due January 31stThe above just references when the forms are due, not the associated payments, which depends on other factors.You can refer to the IRS business calendar for this and other forms and due dates: IRS Tax Calendar for Businesses and Self Employed
How do I submit my 941 payment to the IRS?
Officially, the IRS only takes electronic payments. If you do your own payroll, you should sign up for EFTPS (Electronic Federal Tax Payment System). You can enroll in EFTPS online here: Welcome to EFTPS onlineYou can also use a payroll service. Certain large payroll services are authorized to remit payments directly to the IRS on your behalf. So, if you use one of them, you don’t actually need to sign up for EFTPS. But, you may want to anyway just in case you need to remit a payment on your own.There are also small bookkeeping, tax, and accounting firms that will prepare these forms for you and submit the payments using your EFTPS account.[But if] your total taxes after adjustments and credits (Form 941, line 12) for either the current quarter or the preceding quarter are less than $2,500, you didn't incur a $100,000 next-day deposit obligation during the current quarter, and you're paying in full with a timely filed return,and a bunch of other convoluted rules from IRS publication 15 apply to you, then you can make a payment check-by-mail with form 941 using the voucher (payment coupon) on the last page. https://www.irs.gov/pub/irs-pdf/... If you submit a payment by check and do not meet the Pub 15 requirements, then you will be subject to penalties.But, it’s really much easier and far less error prone to either sign up for EFTPS or use a payroll service provider than to try and fill out the paper forms manually yourself. You may find that one error is more expensive than the annual cost of such a service.
If the IRS has received my Form 941, how do I submit my tax payment?
Federal tax deposits must be made by electronic funds transfer (EFT). You must use EFT to make all federal tax deposits. Generally, an EFT is made using the Electronic Federal Tax Payment System (EFTPS). If you don't want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. EFTPS is a free service provided by the Department of the Treasury.Services provided by your tax professional, financial institution, payroll service, or other third parties may have a fee. For more information on making federal tax deposits, see section 11 of Pub. 15.To get more information about EFTPS or to enroll in EFTPS, go to Welcome to EFTPS online, or call 800-555-4477 or 800-733-4829 (TDD). Additional information about EFTPS is also available in Pub. 966.For an EFTPS deposit to be on time, you must submit the deposit by 8 p.m. Eastern time the day before the date the deposit is due. Same-day wire payment option. If you fail to submit a deposit transaction on EFTPS by 8 p.m. Eastern time the day before the date a deposit is due, you can still make your deposit on time by using the Federal Tax Collection Service (FTCS) to make a same-day wire payment. To use the same-day wire payment method, you will need to make arrangements with your financial institution ahead of time. Please check with your financial institution regarding availability, deadlines, and costs. Your financial institution may charge you a fee for payments made this way. To learn more about the information you will need to give your financial institution to make a same-day wire payment, go to Same Day Wire Federal Tax Payments.Timeliness of federal tax deposits. If a deposit is required to be made on a day that isn't a business day, the deposit is considered timely if it is made by the close of the next business day. A business day is any day other than a Saturday, Sunday, or legal holiday. The term “legal holiday” for deposit purposes includes only those legal holidays in the District of Columbia. Legal holidays in the District of Columbia are provided in section 11 of Pub. 15. Electronic filing and payment. Now, more than ever before, businesses can enjoy the benefits of filing tax returns and paying their federal taxes electronically. Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make filing and paying easier. Spend less time and worry on taxes and more time running your business. Use e-file and EFTPS to your benefit.• For e-file, go to E-File Employment Tax Forms for additional information. A fee may be charged to file electronically.• For EFTPS, go to Welcome to EFTPS online, or call EFTPS Customer Service at 800-555-4477 or 800-733-4829 (TDD) for additional information.If you’re filing your tax return or paying your federal taxes electronically, a valid employer identification number (EIN) is required at the time the return is filed or the payment is made. If a valid EIN isn't provided, the return or payment won't be processed. This may result in penalties. See Employer identification number (EIN), later, for information about applying for an EIN.Electronic funds withdrawal (EFW). If you file Form 941 electronically, you can e-file and use EFW to pay the balance due in a single step using tax preparation software or through a tax professional. However, don't use EFW to make federal tax deposits. For more information on paying your taxes using EFW, go to Pay Taxes by Electronic Funds Withdrawal.Credit or debit card payments. You can pay the balance due shown on Form 941 by credit or debit card. Your payment will be processed by a payment processor who will charge a processing fee. Don't use a credit or debit card to make federal tax deposits. For more information on paying your taxes with a credit or debit card, go to An official website of the United States government PayByCard.Online payment agreement. You may be eligible to apply for an installment agreement online if you can't pay the full amount of tax you owe when you file your return. For more information, see What if you can't pay in full.This information may be found at this website: https://www.irs.gov/pub/irs-pdf/...
Do I have to file IRS form 940 and 941 or not?
Any company which had USA payroll in 2017 will need to file:Either Forms 944 (annual) or 941 (1 for each quarter) to report the Income Tax Withholding, Social Security & Medicare taxes.https://www.irs.gov/pub/irs-pdf/...https://www.irs.gov/pub/irs-pdf/...And Form 940 which is an annual filing to pay FUTAhttps://www.irs.gov/pub/irs-pdf/...Karl Sexton Partner / Sr. Business Accountant Accounting On-Call Inc. O. (813) 641-4262?karl@accountingoncall.netwebsite: Accounting On-Call | Tax | Payroll | Bookkeeping
What is the penalty for failing to file an IRS Form 941 2018?
The penalties are for not paying the 941 tax on time according to the payment schedule, which depends on the amount of tax. Small companies may be required to pay only quarterly or monthly, but larger companies have payments due within 3 business days after every payroll. The penalties depend on how late the payments are, bit they go up rapidly, and can be 100% if there is no payment.There is often no penalty for not filing the 941 on time if the payments have been made, but the IRS will be sending you a lot of mail to get it filed.