Today is April 30, 2021, the first quarter Form 941 deadline for 2021! It’s important to start your year off right by meeting your Form 941 deadline on time. Even if today’s deadline snuck up on you, it’s not too late to get started and keep your business IRS-compliant. 

Here is your deadline day Form 941 review and filing guide so you can catch up on IRS changes and meet your deadline easily. 

What is Form 941?

IRS Form 941, the Employer’s Quarterly Federal Tax Return, allows employers to report amounts withheld from employee paychecks for income, Social Security, and Medicare taxes. Employers are required to file this form every quarter. Businesses with one or more employees should
file Form 941 for the first quarter of 2021, even if they did not pay their employees during this time. 

Form 941 Changes for the First Quarter of 2021

Employers were allowed to defer employer and employee portions of Social Security taxes between September 1, 2020 and December 31, 2020. Now that the deferral period has ended, the IRS has updated Form 941 yet again for the first quarter of 2021. You won’t have to worry about reporting any deferral decisions this quarter, but you may notice that a few lines are reserved for future use or reordered on your Form 941. 

Along with Form 941, Schedule B has also been updated for the end of the deferral period. Only semiweekly tax depositors need to file Schedule B to report employment taxes over $50,000 or liabilities over $100,000 for current or past tax years. Amounts reported on Schedule B should equal Line 12 on Form 941.  

Are You Ready to File Form 941?

Make sure you have all your information ready and complete your Form 941 before midnight to meet your deadline! Here’s what you’ll need:

Business Details: Provide your Employer Identification Number (EIN), your Business’s Name, and your Business’s Address.

Payroll Information: To complete Form 941, you’ll need to know the number of employees you have, who you paid this quarter, and the total amount you’ve paid everyone. You will also need to know your taxable wages for Social Security and Medicare. 

Be sure to let the IRS know how much you withheld from employees’ wages for income taxes, Social Security, and Medicare this quarter. You will also need to enter the total amount deposited for employment taxes. 

COVID-19 Tax Relief Info: Be ready to report on any tax relief you received for COVID-19 in the first quarter of 2021. You’ll need to report on any refundable or nonrefundable credits you received for employee retention credit and qualified sick and family leave wages.

Complete Your First Quarter Form 941 Today!

Now that you’re up to date on Form 941, the latest updates, and the information you’ll need to provide, it’s time to get down to business. E-filing is the safest and fastest way to meet today’s deadline. 

ExpressEfile is a trusted e-file provider that makes meeting your Form 941 deadline as easy as possible. To e-file Form 941 with ExpressEfile, simply complete these three simple steps: 

Step 1: Fill Out Your Form

Just log in to your ExpressEfile Account, choose Form 941, select the 1st Quarter of 2021, and enter your information. There is a lot of information to report on Form 941, but now that you have it ready, you can complete these data entry fields quickly.

Step 2: Pay Any Balance Due

If you have any tax dues to pay to the IRS, you can do so quickly and easily with ExpressEfile. The IRS accepts payments via EFW, EFTPS, and check or money order. Simply select your payment method, pay your amount due, and continue.

Step 3: Sign, Review, and Transmit 

To e-sign your document with ExpressEfile, either enter your Online Signature PIN, if you have one, or complete Form 8453-EMP.

After you sign, you’ll be able to catch and correct any errors we found during our internal audit check. If there is a mistake or discrepancy, you can resolve it easily. Once you are satisfied that all your information is correct, click transmit and ExpressEfile will send your Form 941 directly to the IRS. 

With ExpressEfile, users can file multiple 941 forms at once and complete Schedule B easily. We’re always here to help. Deadline day can be stressful, but our U.S.-based support team is here to answer all of your questions via email. Get started now and meet your first quarter Form 941 deadline easily!