Popular Questions

Popular Questions

1. What is a 941 form?
The 941 form is a tax return form that has to be filed by businesses that have employees. The 941 is used to report the employer's share of social security and Medicare taxes as well as federal unemployment tax.
2. What kind of businesses have to file a 941 form?
Any business that has employees. Once you have at least one employee, you have to file a 941.
3. What is the deadline for filing a 941 form?
The deadline for filing a 941 is usually March 31st. However, keep in mind that the 941 form is different from the 940 form. The 941 form is due on or before the last day of the 1st quarter after your tax year ends. (March 31st for a calendar year business). The IRS calls this the due date of the 941.
3. What happens if you don't file a 941 form?
Failing to file a 941 is illegal. If the IRS finds out that you did not file a 941, they can assess penalties against you, including interest and penalties.
4. What penalties can the IRS assess against you for failing to file a 941?
The penalties for failing to file a 941 can be pretty hefty.
• Failure to File Penalty - $50 per day up to $25,000.
• Failure to Pay Penalty - $100 per day up to $15,000.
• Accuracy-Related Penalty - 20% of the tax due to a maximum of $1,000 per return.
If your business is delinquent in paying the 941 taxes on time, you can be assessed a 10% penalty on top of the regular penalty.