The deadline for filing the Form 941 is officially here, this means all businesses that are required to file must do so with the IRS by midnight. Failure to do so can result in IRS penalties that will cause you and your business unnecessary stress.
So, we are down to the wire here, with only hours left to file, what should you do to meet your deadline?
Don’t admit defeat, e-file Form 941 easily with ExpressE-File! Here’s what you need to know.
Am I required to file Form 941?
This is the most important question if you are a fairly new business or you are a very small operation with just a few employees, this is a common question. It is important that you don’t assume being a very small organization means you aren’t required to file quarterly with the IRS.
Remember, all employers that withheld income, medicare, or social security taxes from their employees’ paycheck throughout the quarter are required to file. Plus, if you are required to file the Form 941, but just didn’t pay wages this quarter, you are still required to file and report that zero taxes were withheld.
What Information do I need to file Form 941?
Before you begin the Form 941, it is crucial that you have the necessary filing information at your fingertips. Not only will this speed up the filing process, but it will lessen any confusion you may have regarding the Form 941.
Here is what you should have on hand:
- Your basic business information (Name, Address, EIN)
- Your wage and withholding information for the quarter
- Any tax credits that you claimed due to COVID-19, these include qualified sick and family leave wages, the employee retention credit, and the new COBRA premium assistance credit.
- You can use the worksheets included in the filing process to calculate the refundable and nonrefundable portions of these credits
How do I e-file the Form 941, is it expensive?
E-filing the Form 941 is by far your best option, whether you are filing at the last minute or not. With Express-E-File, the process is simple and straightforward. You can file quickly and the e-filing process is easy to follow.
You can file confidently with ExpressE-File, as we run error checks to ensure your form doesn’t contain common errors. You can also expect instant IRS updates on the status of your Form 941, you won’t have to stress about where your form is, you’ll know!
Not to mention we offer the lowest pricing in the industry, e-file for as little as $3.99 this quarter!