IRS Form 941 > 2023 Federal...

IRS Form 941 > 2023 Federal 941 Quarterly Tax Form: Printable PDF & Instructions to Download

The IRS provides a list of addresses according to your state here. If you do need to send payment, mail a check made out to U.S. Most businesses are required to file Form 941 quarterly, with a few exceptions.

If the due date falls on a weekend or holiday, then you have to file by the next business day. If you file by mail, your return will be tracked according to the date of postage. You get an additional 10 business days to file if you’ve paid your employment tax deposits in full and on time for the entire quarter that’s covered by the return. You can pay any amount due with Form 941, or you can deposit the payment if the total tax amount on line 12 is less than $2,500. You can also deposit if line 12 on last quarter’s form 941 was less than $2,500 and you didn’t have a $100,000 next-day deposit obligation during the current quarter. Otherwise, you must make deposits according to your deposit schedule, monthly or semi-weekly.

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One of the authorized signers from above must sign https://www.bookstime.com/ in the box next to “Sign your name here.” The signer must also print their name and title (e.g., president) and include the date and their phone number. After you complete all of the above sections, sign your form under Part 5. If you want your third-party designee to be able to discuss your return with the IRS, mark an “X” next to the “Yes” box. You must also select a five-digit PIN to use when talking to the IRS (e.g., 12345). Mark if you want the amount applied to your next return or if you want the IRS to send you a refund.

• Businesses can enjoy the benefits of filing tax returns and paying their federal taxes electronically.
• Where you file Form 941 depends on your state and whether you make a deposit with your filing.
• This includes information such as wages; employee tips (as reported); federal income tax withholdings; employer and employee shares of Social Security and Medicare taxes; and additional Medicare tax withholdings.
• For more information, including an example, see frequently asked question 17 at IRS.gov/ETD.
• Also, beginning in 2015, an employer must withhold Additional Medicare Tax from wages paid in excess of $200,000 during the year in addition to any other taxes withheld.

Depending on your business and employees, you might not need to complete all of the sections. Because of COVID-19, the IRS revised the 2020, 2021, and 2022 versions of Form 941. Per the IRS, do not use an earlier version of Form 941 to report 2023 tax information. If you need to report 2023 taxes, use the 2023 version of Form 941. If you need to correct Form 941, use Form 941-X, Adjusted Employer Quarterly Tax Return or Claim for Refund.

If you wish to e-file your employment tax form, then choose one of the two options below:

Business taxpayers can access e-File through most tax preparation software for small businesses. Your accountant or tax professional should also have access to e-File. Form 1040-ES is used by persons with income not subject to tax withholding to figure and pay estimated tax. The adjusted due date will be the next business day if a due date lands on a holiday or a weekend day. For example, the due date for a July 31 payment would be Monday, Aug. 2, if July 31 falls on a Saturday that year.

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What Is Tax Form 941 And Who Needs To File?

Monthly schedule depositors and semiweekly schedule depositors must account for nonrefundable credits claimed on lines 11a, 11b, and 11d when reporting their tax liabilities on line 16 or Schedule B (Form 941). The total tax liability for the quarter must equal the amount reported on line 12. Failure to account for the nonrefundable credits on line 16 or Schedule B (Form 941) may cause line 16 or Schedule B (Form 941) to report more than the total tax liability reported on line 12. Don’t reduce your monthly tax liability reported on line 16 or your daily tax liability reported on Schedule B (Form 941) below zero. Complete line 13e only if qualified sick leave wages and/or qualified family leave wages were paid this quarter of 2023 for leave taken after March 31, 2021, and before October 1, 2021.

Here’s an example of lines 5a to 5d for a business that had one employee. That employee earned $25,000 this quarter in wages and $5,000 this quarter in tips. Employers must file a Form W-2 for each employee from whom Income, social security, or Medicare tax was withheld. That said, you must deposit all funds owed to the IRS electronically, ideally via the EFTPS.gov service.