All About IRS Form 941
The IRS Form 941, Employer’s Quarterly Federal Tax Return, is a federal payroll tax form that is used to report the number of employees, total wages paid during a quarter and withholdings and total taxes paid during a quarter. Adjustments for sick pay, tips and group life insurance and other withholdings also are reported on Form 941. This form is used by employers that annually are liable for more than $1000 in Social Security, Medicare and federally withheld income taxes.
Quarters
Employers using IRS Form 941 must submit the form, payment voucher and payment according to the IRS quarterly schedule. The first quarter ends March 31, and the form must be submitted by April 30. The second quarter ends June 30, with a filing deadline of July 31. The third quarter ends Sept. 30 with a filing deadline of Oct. 31. The fourth quarter ends Dec. 31, with a filing deadline of Jan. 31.
Form Preparation
The IRS Form 941 requires businesses to summarize all of their payroll information for the duration of the quarter. This information includes a calculation of the total amount of taxes paid during the quarter and the total tax amount due. If a business has been making monthly electronic tax payments, the difference between taxes paid and owed should be none. However, if taxes were not required to be paid monthly, there will be a tax amount owed.
Submitting Payment
The IRS Form 941-V is the payment voucher that must be submitted along with Form 941. The Form 941-V payment voucher must be completed and filed with a check payment. The check must be made payable to the United States Treasury for the total tax amount that is owed. On the memo line of the check, the IRS form number, specific quarter, year and the Employers Identification Number, EIN, should be written. Mail Form 941, 941-V and check in the self-addressed envelope that is provided in the IRS Form 941 package.
