This month, spring cleaning means digging up your business’s information and meeting your first quarter Form 941 deadline. Form 941 is due on April 30, 2021 for the first quarter, but it’s a great time to plan for the whole year.
Since Form 941 is due four times a year, it’s important to be prepared. Here’s the rundown on Form 941 to help you determine your IRS requirements and ensure that none of your deadlines sneak up on you this year.
About Form 941
Form 941 is one of those IRS tax forms that almost all businesses have in common. This form, the Employer’s Quarterly Federal Tax Return, allows employers to report amounts withheld from employee paychecks for income, Social Security, and Medicare taxes.
Pretty much every employer with at least one employee whose wages are subject to withholdings will need to file Form 941 every quarter.
There are a few exceptions to the rule. Seasonal employers only need to file Form 941 for the quarters that they are paying their employers. For example, if your business only runs in the summer, you can file Form 941 for those quarters and not worry about it for the rest of the year.
While most businesses file Form 941, there are a couple of types that don’t have to. Employers don’t need to file Form 941 for wages paid to household or farming employees. There are other IRS forms that these employers will need to file for payroll taxes.
Form 941 Deadlines for 2021
Since you will probably need to file Form 941 four times for 2021, it’s a good idea to get all the due dates on the calendar. Here are all the Form 941 deadlines to expect this year:
- 1st Quarter Form 941 Deadline: April 30, 2021. E-File Now
- 2nd Quarter Form 941 Deadline: August 2, 2021
- 3rd Quarter Form 941 Deadline: November 1, 2021
- 4th Quarter Form 941 Deadline: January 31, 2022
If the Form 941 deadline falls on a holiday or weekend, the IRS will postpone it until the next business day. Visit this blog to find out how to file Form 941 for your first quarter.
Form 941 Changes for 2021
By this point, most business owners have probably noticed that there seems to be something new on Form 941 every quarter. COVID-19 tax relief has kept the IRS busy updating Form 941.
The most recent IRS update for 2021 is a result of the end of the deferral period for social security taxes. In 2020, a Presidential Memorandum announced that employers could defer employee portion so Social Security Taxes between September 1, 2020 and December 31, 2020.
The IRS has updated Form 941 for the first quarter of 2021, now that the deferral period for Social Security Taxes has come to an end. All the lines related to reporting deferrals have been removed or reserved for future use.
Get Ready for the April 30, 2021 Form 941 Deadline
As businesses get ready to file Form 941 for their first quarter of 2021, it’s important to make sure you have all the right information ready and know how you are going to file. E-filing is the IRS recommended filing method. It’s faster for the IRS, easier for employers, and safer for everyone. Visit this blog to find out more.
E-file Form 941 with ExpressEfile in Minutes
ExpressEfile is proud to support Form 941 for 2021 at the lowest price ($.399) in the industry. With internal audits to help you avoid mistakes, instant notifications on your return’s status, and great, U.S.-based support, meeting your deadline is always easy. ExpressEfile will send you reminders about each of your quarterly deadlines so you never miss another due date.
Get started now! E-file Form 941 on or before April 30, 2021 to meet your first quarter deadline.