If you have employees you are required to file Form 941 but there are exceptions to the rule. Probably the most thing to remember is that after your your first 941 you then file Form 941 each quarter after that.
We recommend finding a service that will file your Federal Form 941 online for you to ensure it’s done correctly. Often, people think they don’t have to file this form because they didn’t have have any taxes to report. The Federal government has some pretty significant fines associated with Form 941 for failure to report.
QuickBooks has an excellent online free trial offer to prepare and submit Form 941 to the IRS that we highly recommend.
Exceptions to Filing Form 941
Now in some cases you don’t have to file Form 941. Thus, you don’t have to File Form 941 if you filed your final return but you must indicate on line 15 of the form that it is your last return. If you are considered a seasonal employer you are not required to file Form 941 each quarter, if you don’t have a tax liability due. This may be applicable if you only work during the summer or only during the winter months, say at a ski resort.
Form 941 Video:
Keep in mind you can find a number sites that will prepare your federal form 941 online and submit it to the IRS. QuickBooks is probably the most well-known bookkeeping system out there that will file/prepare your 941.
In addition, if you have household employees and/or farm employees you are not required to File 941. Often, we see company’s filing this form when they have full time household employees when they don’t need to.
Due Dates for Form 941
You are required by Federal law to file Form 941 every quarter. Further, due dates include April 30th, July 31st, October 31st and January 31st. Thus, you will have 4 filing dates for the year to remain in compliance.
QuickBooks has a great online free payroll trial offer that includes Form 941 that we highly recommend for any small to medium sized business. It keeps you from missing costly due dates and ensures Form 941 is correctly prepared. QuickBooks has all of the required due dates for your payroll built into the system which makes your job easy!
Information Reported on Form 941
Form 941 requires you to report employee wages paid, employee tips received, Federal income taxes w/h, social security&medicare taxes withheld, social security adjustments, sick pay and life insurance.
The IRS scrutinizes this Form and many employers pay penalties for errors made, so make sure your 941 is done correctly. Most of the online payroll programs like QuickBooks and others out there do a great job preparing Form 941 and submitting it for you. Additionally, QuickBooks offers additional information related to Form 941 and filing requirements.