What Are 941 Forms?
IRS Forms 941 is a set of four forms issued by the Internal Revenue Service (IRS) and used to file an employer’s quarterly tax return. This set includes:
- IRS Form 941, Employer's Quarterly Federal Tax Return (and it's Spanish version), is used for reporting social security, Medicare, and income taxes withheld from the employee's paychecks and to pay the employer' share of Medicare and Social security taxes. This form is filed four times a year at the end of each quarter;
- IRS Form 941-SS, Employer's Quarterly Federal Tax Return, is used for the same purposes by employers located within the above-mentioned territories and all the employees of this business are subject to the U.S. taxes. If some employees are not subject to U.S. taxes, the employer must file IRS Form 941 instead;
- IRS Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, is used to correct administrative mistakes in previously filed IRS Form 941 or 941-SS. Such mistakes occur, when the amount of tax liability is reported by the employer is different from the actual amount. A separate form should be filed for each return that needs corrections. This form cannot be used to request a refund or abatement of assessed interest or penalties. IRS Form 843, Claim for Refund and Request for Abatement should be used for these purposes.
The series also includes three schedules:
- Schedule D, Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations.
- Schedule B, Report of Tax Liability for Semi-weekly Schedule Depositors.
- Schedule R, Allocation Schedule for Aggregate Form 941 Filers.
The IRS will notify the employer, whether they should file a form from the IRS 941 series or IRS Form 944, Employer's Annual Federal Tax Return, depending on the tax liability of the employer. IRS Form 941 must be filed if the tax liability for a year is more than $1,000. Otherwise, the IRS will notify the employer that they must file IRS Form 944.
When Are 941 Forms Due?
IRS 941 and 941-SS are filed four times a year at the end of each quarter. The due date for both forms is the last day of the month following the last month of the reported quarter. The due date for the first quarter is April 30th, for the second quarter the due date is July 31st. The form for the third quarter must be filed not later than October 31st and the form for the last quarter of the year must be filed no later than January 31.
IRS 941-X should be filed as soon as possible after the mistake was discovered. Underreported taxes should be corrected before the due date for the IRS Form 941 for that quarter and the tax must be paid with the IRS 941-X. Overreported taxes can be corrected within 2 years from the date the overreported taxes were paid or within 3 years from filing the Employer's Quarterly Federal Tax Return. If the due date for any form falls on a legal holiday, Sunday or Saturday, the deadline is the next business day.
If the forms are filed late, the IRS will impose a penalty of 5% from the unpaid tax for each month the form is late. The maximum amount of the penalty is 25%. But if the envelope containing the form is properly addressed, postmarked by the U.S. Postal Service before or on the due date, and contains sufficient postage, the form will be treated as filed on time and no penalty will be imposed.
Use this form to inform the IRS of the withholdings of your income taxes, social security taxes or Medicare taxes from your paycheck. This document is also required to compensate your share of social security or Medicare tax.
You may know this form as the Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund. Use it if you need to correct mistakes (wages, tips and other compensations) on previously filed forms 941 or 941-SS. If you have any underreported or overreported amounts on Form 941, you can fill it out to make corrections there as well.
This document, otherwise known as the Employer's Quarterly Federal Tax Return, is a form downloaded to report about your social security and Medicare taxes. This form is used only if the official place of business is located within the specified territories.