Why Should I E-file 941?
by Admin
Posted on 18-12-2022 11:21 PM
Employers, business owners and their agents can quickly and securely e-file their quarterly for
m 941 returns (and their annual for m 940, for m 943, for m 944 or for m 945 return) using efile express.Select the for m: from the payroll tasks menu, select federal efile and reporting. In the federal efile and reporting window, select 941/schedule b/941-v or 940 and the period for the report, then click next. In the employees to process grid, all employees are selected by default. Clear the check box for employees to exclude their wages from the reports and click next and click generate. Note: you do not need to clear the check box for employees with zero wages for the reporting period. Quarterly for ms will only include employees with wages in the reporting period. Verify company infor mation: complete and verify the report: complete all required red fields on the report and click next step.
If you choose electronic filing,
The irs released: a revised for
m 941 , employer’s quarterly federal tax return, and its instructions ; instructions for
schedule b , report of tax liability for
semiweekly schedule depositors; schedule r , allocation schedule for
aggregate for
m 941 filers, and its instructions ; and for
m 941-x , adjusted employer’s quarterly federal tax return or claim for
refund, and its instructions.
All of the for
ms and instructions were updated to reflect the expiration of covid-19-related relief. Changes to for
m 941, instructions
the updated for
m 941 and its instructions have a revision date of june 2022 and can be used for
the second, third, and fourth quarters of 2022.
Draft versions of for ms 941, 941-ss, and 941 schedule r for 2023 were released dec. 6 by the internal revenue service. The drafts do not contain any substantive changes from the current versions of the for ms. Employers use for ms 941 and 941-ss , employer’s quarterly federal tax return, to pay the employer portion of the social security and medicare taxes. Those who file aggregate for ms 941 are required to complete schedule r for the for m as well. To read the full article log in. To learn more about a subscription click here.
If you are filing for m 941 late, then the irs might impose a 5 percent penalty, with a maximum penalty of 25 percent. You can avoid paying penalties and interest to the irs with help of the following instruction. Pay the full amount of taxes you owe when they are due. File your quarterly for m 941 on time. Accurately report your tax liability. Distribute accurate w-2 for ms to your employees on time. Accurate file for m w-3 and copy a of for m w-2 with the ssa lines 11c, 13d, 13h, 13i, 21, and 22 are no longer used for reporting these tax credits, they have been ‘reserved for future use’.