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Resolving an IRS Form 941 Tax Issue: Do’s And Don’ts

You’ve diligently withheld taxes on behalf of your employees. Despite these efforts, you’ve received communication about your failure to file IRS Form 941 or pay the proper amount. Don’t panic — these issues might be easier to resolve than you anticipate. Keep these do’s and don’ts in mind as you proceed: Do: Determine If You […]

What Information Do You Need to Fill Out IRS Form 941?

As an employer, your many IRS responsibilities include not only withholding taxes on behalf of your employees, but also, reporting on those withholdings via Form 941. Filed on a quarterly basis, this essential document can initially feel overwhelming. You’ll find it far easier to handle if you begin the process prepared with the proper information, […]

Everything You Need to Know About a 941 Tax Lien

As an employer, you are accustomed to dealing with tax concerns. Many of these involve IRS Form 941, which is also known as the Employer’s Quarterly Federal Tax Return. Filed four times each year, this form calls for details on the number of people employed by your business, total wages paid to these workers, and […]

Your Bookkeeper or Accountant Made a Mistake on Your Payroll Taxes: What Do You Do Now?

Most tax accountants are competent, but mistakes happen — and when they do, you risk getting into trouble with the IRS. Your problems could prove particularly worrisome if they involve payroll taxes, as you can be held personally liable. The sooner you seek damage control, the better. This will likely take the form of additional […]

You’re Shutting Down Your Business: Do You Still Need to Deal With Payroll Taxes?

It’s no secret that entrepreneurship is challenging. If you’re like half of all small business owners, you’ll make the tough decision to close down within five years of launching. Unfortunately, the difficulties don’t end the moment you decide to shut down your business. A variety of tax liabilities remain on the table, including, most notably, […]

Penalties For 941 Tax Non-Payment — And What to Do About Them

As an employer, you are responsible for reporting on federal income tax withholdings — and forwarding payment to the IRS on time. This often proves easier said than done. However, if you’re struggling to pay 941 taxes or have already fallen behind, you risk having harsh penalties brought down on you by the IRS, as […]

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 […]