Form 941 is due for the second quarter of 2021! Form 941 has undergone a lot of changes over the past few quarters, so it’s important for employers to be sure that they are up to date and ready to file the revised form 941 for 2nd quarter. Here are our most helpful Form 941 filing tips for a smooth IRS deadline:
Know Your Deadline
Filing Form 941 on time is the best way to avoid penalties and keep your business in good standing with the IRS. For the second quarter of 2021, Form 941 is due on August 2, 2021.
Missing the Form 941 deadline can result in serious penalties for your business. The IRS penalizes businesses 5% of the total taxes due every month or part of a month that the form is late. The maximum penalty is 25%.
Gather Your Information
The August 2nd Form 941 deadline is just around the corner, so it’s important to make sure you have everything ready to complete your form.
When you file Form 941, you will need to provide a lot of information about your business. This includes basic business information, employee counts and total compensation, and taxable Social Security and medicare wages. You will also need to report the amounts withheld from your employees’ paychecks for income, Social Security, and Medicare taxes during the quarter.
For the 2nd Quarter of 2021, also be prepared to report COVID-19 related tax relief.
Report Your COVID-19 Related Tax Relief
The tax credits your business opted for in the second quarter may look a little different than tax relief for previous quarters. Under the American Rescue Plan Act of 2021 (ARP), there are some changes to COVID-19 relief. Click here to find out about all the latest relief options available under the ARP.
When you file Form 941, be prepared to report any tax credits you claimed for employee retention credit, qualified sick and family leave wages, or COBRA premium assistance.
Prepare For IRS Changes on Form 941
The IRS updated Form 941 to reflect new COVID-19 tax relief offered under the ARP. When you file Form 941 for the second quarter, there are 23 updated fields and 4 new worksheets to work through.
E-file Form 941 for 2nd Quarter of 2021 in minutes
E-filing is the best way to meet your second quarter Form 941 deadline. It’s the IRS recommendation and the easiest, fastest way to file your form. When you file Form 941 online with ExpressEfile, you get access to built-in error checks, instant notifications on your status, and great, U.S.-based support.
Don’t wait until the dog days of summer! Visit ExpressEfile today to e-file Form 941 in time for your 2nd Quarter of 2021.