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- Form 941, Employer’s Quarterly Federal Tax Return, is an IRS informational return that reports the employee compensations made by the employer and taxes withheld from the employee’s paychecks.
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Instructions for Form 941. Department of the Treasury. Internal Revenue Service. (Rev. December 2021) For use with the June 2021 revision of Form 941. Employer's QUARTERLY Federal Tax Return. Section references are to the Internal Revenue Code unless otherwise noted. Future Developments.
People also ask
When will Form 941 be used in 2021?
What is a Form 941?
Do you have to file Form 941 every quarter?
When is Form 941 due?
- Why Must My Business Submit Form 941 to The IRS?
- How to Submit The Form 941
- Paying Taxes with Form 941
- Due Dates
If you’ve been paying employees and withholding federal income taxes and Social Security/Medicare taxes, you need to report those amounts and submit those payments to the IRS.
Form 941 may be submitted electronically through federal e-file. You can e-file Form 941 and pay any balance that is due using tax preparation software or working with a tax professional.
You must make monthly or semi-weekly deposits of payroll taxes collected. Do not wait until you file Form 941 to pay your taxes for the quarter. If you are required to make deposits and wait to pay the taxes with Form 941, you may be subject to a penalty for late payment.
Form 941 is due on a quarterly basis at the end of the month following the end of the quarter. For example, for the first quarter of the year, Form 941 is due on April 30.
Be sure to enter your EIN, “Form 941,” and the tax period (“1st Quarter 2024,” “2nd Quarter 2024,” “3rd Quarter 2024,” or “4th Quarter 2024”) on your check or money order. Don’t send cash. Don’t staple Form 941-V or your payment to Form 941 (or to each other).
CPEOs must generally file Form 941 and Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, electronically. For more information about a CPEO’s requirement to file electronically, see Rev. Proc. 2023-18, 2023-13 I.R.B. 605, available at IRS.gov/irb/ 2023-13_IRB#REV-PROC-2023-18. Outsourcing payroll duties.
As a result of the new and extended credits, the IRS revised the second quarter 2021 Form 941 (rev date June 2021). The IRS will use this return in the third and fourth quarters 2021 unless additional law changes occur that require changes to the return.
Sep 21, 2021 · June 2021: Updated Form 941 From The IRS. What Is Form 941? Form 941, Employer’s Quarterly Federal Tax Return, is an IRS informational return that reports the employee compensations made by the employer and taxes withheld from the employee’s paychecks.
Report for this Quarter of 2021 (Check one.) 1: January, February, March 2: April, May, June 3: July, August, September 4: October, November, December Go to www.irs.gov/Form941 for instructions and the latest information. Read the separate instructions before you complete Form 941. Type or print within the boxes.
