Filling Out IRS Form 941: A Quick, Simple Guide

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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 find the need-to-know information to get you started with this essential form.

What Information Do You Need?

Prior to completing IRS Form 941, you will need to obtain information regarding the number of employees currently receiving wages at your business, the amount of compensation in wages and tips, and the extent to which federal taxes have been withheld. Your form may also include adjustments for sick pay or other circumstances. Take care as you complete these sections of the form; while it’s tempting to go on auto-pilot, significant differences will likely arise from one quarter to the next.

Stick to the Listed Deadlines

Your failure to file Form 941 on time could lead to harsh consequences. The filing schedule for this essential form may initially seem confusing, but the better you stick to the established deadlines, the less likely you are to run into trouble with the IRS. Deadlines include:

  • April 30
  • July 31
  • October 31
  • January 31

When in doubt, remember that the filing deadline falls on the last day of the month after the quarter ends. As soon as the end of the quarter arrives, begin gathering essential information; a month may initially seem like more than enough time for filing, but many employers are surprised by how difficult it can be to abide by these deadlines.

There’s no need to go it alone as you navigate the process of completing IRS Form 941. With the Highland Tax Group in your corner, you can take comfort in knowing that your tax case lies in capable hands.