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No Money to Pay Your 941 Employment Taxes? How to Deal

Payroll taxes are a pesky reality of life as a business owner. Not only do you need to report on any taxes withheld from employees’ paychecks, you’re also responsible for getting these taxes to their final destination. Your failure to deposit withheld taxes on time could prompt harsh consequences from the IRS — consequences that […]

Top Reasons Employers Mess Up 941 Taxes – And How to Prevent Problems

Payroll taxes are an unfortunate reality for business owners, many of whom struggle to report on and remit withholdings to the IRS. Mistakes are all too common, with some leading to such harsh consequences as garnished accounts or even criminal penalties. These issues can often be avoided, as we demonstrate below: Manual Errors Many IRS […]

You Screwed Up on Your 941 Employment Taxes: What’s Going to Happen to You and Your Business?

Owning a business can be deeply satisfying, but it comes with all kinds of tax annoyances — including payroll taxes. Not only do you need to accurately report on and withhold 941 employment taxes, but you are also responsible for ensuring that they reach the IRS on time and in full. Your failure to do […]

Penalties for Completing IRS Form 941 Late (Or Not At All)

As a business owner, you may struggle to keep up with the myriad of obligations you hold to the IRS. From forms to withholdings, and sometimes, fines, it’s a lot to manage. IRS Form 941, in particular, tends to fall through the cracks. This quarterly form outlines taxes withheld on employees’ behalf, but all too […]

Filling Out IRS Form 941: A Quick, Simple Guide

As an employer, you are required to withhold specific types of taxes from your employees’ paycheck. These taxes must be reported in detail via IRS Form 941, which is also referred to as the employer’s quarterly federal tax return. While this form may initially seem straightforward, it can ultimately prove rife with complications. Below, you’ll […]

How Do You Know If You Owe the IRS 941 Taxes?

In an age of independent contractors and freelancers, it can be difficult for businesses to know whether workers should be classified as employees. This designation can make a world of difference, particularly in regards to tax obligations. Businesses with traditional employees need to withhold federal taxes — and report those withholdings on Form 941. Still […]

Take a Deep Breath — How to Handle Your Delinquent Payroll Taxes the Right Way

You’re ages behind on your payroll taxes and well aware of the harsh consequences that could result from your failure to pay up. Naturally, you’re freaking out. Panicking won’t make the problem go away, but it is possible to resolve your tax concerns if you take these simple steps: File Employment Tax Returns And Make […]

The Absolute Worst Things That Can Happen If You Screw Up Your IRS 941 Taxes

The IRS can sometimes be surprisingly forgiving of those who fail to file or pay taxes on time, particularly if they actively make arrangements for extensions or installment plans. This mercy does not always extend to those who struggle with unpaid or incorrect payroll taxes. The following are among the harshest repercussions you’ll face if […]

More True-Life 941 IRS Horror Stories

Our collection of IRS horror stories may have resonated with you, especially if you’ve been audited. Unfortunately, we only scratched the surface. Now, we’re back with several additional cautionary tales, this time outlining the perils of IRS Form 941: Publishing Company Payroll Taxes The IRS can be surprisingly forgiving when individual employees fail to file […]

IRS Form 941-X: Your Tool For Fixing IRS Form 941

Let’s face it: IRS Form 941 is downright confusing. Filed quarterly to report on withheld income and FICA taxes, this document outlines what, exactly, has been withheld from employee pay. Unfortunately, opportunities for errors are abundant, even among the most conscientious, detail-oriented employers. As an employer eager to avoid problems with the IRS, the prospect […]