What are the changes in Form 941 for COVID-19?

The IRS has revised Form 941 for quarter 3, 2020, due to the Presidential Memorandum that allows employers to defer the employee share of social security taxes for qualified wages paid between September 01 and December 31, 2020. There are changes in 4 lines of Q3 Form 941.

Visit https://www.expressefile.com/form-941-changes-for-3rd-and-4th-quarter to know the changes in Form 941.

Deadline to E-File IRS Form 941

The IRS fixes the deadline for filing Form 941 for each quarter. Form 941 filers must file the tax returns without fail before the deadline to avoid unnecessary penalty and interest.

Quarter Deadline
First Quarter - Jan, Feb, Mar Apr 30, 2020
Second Quarter - Apr, May, Jun Jul 31, 2020
Third Quarter - Jul, Aug, Sep Nov 02, 2020
Fourth Quarter - Oct, Nov, Dec Jan 31, 2020

How to E-file IRS Form 941?

1. Create an account.

  • To create an account, click on Sign Up and fill out the necessary fields such as email address, name, and phone number.
  • Once you have created the account, you can find many Federal forms on the DashBoard. Click Form 941 and file now.

2. Fill Form 941 details.

  • Choose Tax Year and Quarter, and enter your business details, including business name, EIN, contact name, address, etc.
  • Fill out the Employee count, wages, and withheld taxes.
  • Select your deposit schedule and enter the tax liability for the selected quarter.
  • Complete 941 Schedule B and Form 8974 if necessary.

3. Pay your Balance Due, if any.

  • In our application, you can pay the balance due to the IRS using the available payment methods. You can choose the EFW, EFPTS, check, or money order. Select your preferred IRS Payment Option and pay the balance due.
  • If you select EFPTS, it is your responsibility to pay the balance due before the deadline.
  • If you want to pay through check or money order, you have to attach Form 941-V with it and mail it to the IRS. Once you complete the Form 941 e-filing, you can download Form 941-V.

4. Sign your form.

  • Before you submit your form, you have to sign it using either 94x Online Signature Pin or Form 8453-EMP.
  • If an Online Signature Pin is available, enter it in the box. If not, use the Form 8453-EMP to authorize us as an ERO to transmit your form to the IRS.

5. Review the filled Form 941 and transmit it to the IRS instantly.

  • After completing your form, you have to review it before transmitting it. Our in-app audit check will validate your form to make sure that it reaches the IRS without errors.
  • Review the form once and edit the details if necessary.
  • Make a payment of $3.99/return to e-file and transmit it to the IRS just in a click. Once transmitted, you will get the status of the return to your email and can also check it in your account.

E-File 941 Now

Form 941 mailing address

If you choose to file Form 941 using paper filing, you are required to mail a copy return to the IRS. The Form 941 mailing address varies according to your business location and also whether you include tax payment with your return or not. Discover your Form 941 mailing address in this link www.expressefile.com/form-941-mailing-address/ and transmit it by the deadline.

Is There Any Penalty For Not Filing Form 941?

If you have not filed Form 941 on time, your business is subjected to a penalty of 5% of the total tax amount each month until it goes up to 25% of the total tax amount. Along with this late filing penalty, if you also have not paid the tax, you will be charged 0.5% of the tax due amount. The penalty increases each month until you pay the unpaid tax amount.

Visit https://www.expressefile.com/form-941-penalty/ to know more about the 941 penalties.

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Ready to E-file IRS Form 941?

E-file your 941 directly to the IRS and get an instant status of the filing.

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