Check the box on the right-hand side of the form that corresponds to the quarter you are reporting. In this article, we’ll break down everything you need to know about Form 941. From tax filing deadlines to best practices, we’ll help you keep your business compliant, avoid costly penalties, and ensure accurate tax payments. You can e-file employment tax returns Form 940, Form 941, Form 943, Form 944, and Form 945. You can also e-file corrected employment tax returns Form 941-X, Form 943-X, and Form 945-X. The Form 940 e-file program allows you to electronically file an amended Form 940.

Form 941 2024: Updated instructions and PDF Download

  • Generally, don’t complete this section if you’re filing the return as a reporting agent and have a valid Form 8655 on file with the IRS.
  • You can face failure-to-file penalties of 5% of the return’s unpaid tax for each month or partial month that a tax return is late, with a maximum of 25% of the tax due.
  • As long as you have someone working for you on your payroll, ensure you submit this report every three months to let fiscal authorities monitor your tax liability.
  • Don’t change your tax liability on line 16 by adjustments reported on any Forms 941-X.
  • The employee portion of Social Security and Medicare taxes from lines 5a-5d may differ from the amounts you withheld from employees’ wages due to rounding.
  • If you need to report 2024 taxes, use the 2024 version of Form 941.

The amount entered on line 12 can’t be less than zero. If you enter an amount on line 11, you must attach Form 8974. The December 2023 revision of Form 8974 instructs you to enter the amount from Form 8974, line 12 or, if applicable, line 17, on Form 941, line 11a.

Who Must File Form 941?

Form 941 may be signed by a duly authorized agent of the taxpayer if a valid power of attorney has been filed. The IRS matches amounts reported on your four quarterly Forms 941 with Form W-2 amounts totaled on your yearly Form W-3, Transmittal of Wage and Tax Statements. If the amounts don’t agree, you may be contacted by the IRS or the Social Security Administration (SSA). Under “Report for this Quarter of 2024” at the top of Form 941, check the appropriate box of the quarter for which you’re filing. Make sure the quarter checked is the same as shown on any attached Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and, if applicable, Schedule R (Form 941). When two businesses merge, the continuing firm must file a return for the quarter in which the change took place and the other firm should file a final return.

How to Prepare to File Form 941

If you’re including a payment, you can pay by money order or check — just be sure to also complete and enclose Form 941-V, or Payment Voucher, along with your submission. Do not staple anything to Form 941 or other documents. Make your check payable to the “United States Treasury” and be sure to include your Employer Identification Number (EIN), “Form 941,” and the applicable tax period in the memo line. Any business that pays wages to an employee has to file Form 941 each quarter. In most cases, you’ll be able to skip filing the form if you have seasonal employees and don’t pay wages during a quarter, or if you employ household or agricultural workers. Agricultural employees do need to file a different form, Form 943.

How to send a document

The IRS is not known for straightforward fields, and this one is no exception. Enter the number of employees on your payroll for the pay period including March 12, June 12, September 12, or December 12, for the quarter indicated at the top of Form 941. Prepare this document and learn how to properly handle your tax duties every three months of the year.

Because only 10 employees worked on or through September 12, you would only report “10” on Line 1. Per the IRS, do not use an earlier version of Form 941 to report 2024 wage and tax information. If you need to report 2024 taxes, use the 2024 version of Form 941. The IRS may adjust the form throughout the year to reflect new rules and laws. Use Schedule R (Form 941) to allocate the aggregate information reported on Form 941 to each client. If you have more than 15 clients, complete as many continuation sheets as necessary.

Enter the total qualified health plan expenses allocable to the wages reported on Line 21. Enter the total of all qualified health plan expenses allocable to qualified family leave wages. Enter the total of all qualified health plan expenses allocable to qualified sick leave wages. If the due date falls on a holiday or a weekend, the adjusted due date is the next business day. For example, if April 30 falls on a Saturday, the due date for an April 30 payment would be Monday, May 2. Review all the information you entered into Form 941 to ensure it’s correct — and have your tax professional do the same.

  • The maximum penalty for a late return is 25 percent of the tax due.
  • To make the process easier, collect all necessary data before completing the form.
  • Based on how much you’ve withheld for taxes, your company will be a either a monthly or semiweekly depositor, and all payments must be made through the Electronic Federal Tax Payment System.
  • The IRS may also impose a separate penalty for making late tax payments or paying less than you owe.
  • Full Service Payroll customers will also receive a prefilled Form 941 that Patriot will file with the IRS on the customer’s behalf.

Don’t include any income tax withheld by a third-party payer of sick pay even if you reported it on Forms W-2. Also include here any excise taxes you were required to withhold on golden parachute payments (section 4999). For information on the employment tax treatment of fringe benefits, see Pub. For information about supplemental unemployment compensation benefits and golden parachute payments, see section 5 of Pub. Federal law requires employers to fillable form 941 withhold certain taxes from their employee’s pay.