Guest blog on the Form 941 deadline by Austin A.H. Jefferson; TaxBandits is an Authorized IRS e-file solution Designed with small businesses in mind.
If you own and operate a business with employees, you must file Form 941 for 2019 by October 31st or face major IRS penalties.
Are you not ready to file your 941 Form 2019? Take a breath and try not to panic… yet. Our sister product TaxBandits has a tax filing solution that will not require an all-nighter leaving you looking crazy in the morning.
Missing the Form 941 deadline can affect your business in a negative way. Luckily, we have a solution to your last-minute tax filing deadline.
Missing The Form 941 Deadline Can Affect Your Business
What is IRS Form 941? (In A Nutshell)
Prior to filing Form 941 for 2019, let’s quickly discuss who is required to file and what it entails.
IRS Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes quarterly and assists with calculating the employer’s portion of Social Security and Medicare tax.
The Third quarter deadline for this year is Thursday, October 31st, 2019.
Form 941 Deadline E-Filing Checklist
When preparing to file, be sure to use this Form 941 for 2019 checklist, as the following information is required to complete it:
Review, pay and transmit your form directly to the IRS
Signing Form 941 Online
When you file Form 941 online you are required to electronically sign your form before transmitting to the IRS. There are two ways you can do this with TaxBandits. You can use your IRS online signature PIN or use Form 8453-EMP.
To useForm 8453-EMP simply download it, fill it out, and re-upload it to the system. The entire process only takes about a minute.
Failure-To-File Form 941 Penalties
Failing to fileForm 941 by its deadline can affect your business negatively. For example, if you fail to file your 941 Form by midnight, your business will incur a penalty of 5% of the total tax amount due. An additional charge of 5% per month will also be charged for each month that the return is not submitted to the IRS. This fee can accumulate for up to 5 months.
Furthermore, if you failed to pay an owed tax bill, you will initially be charged an additional 5% of the unpaid tax amount. This fee will also increase each month that the payment remains unpaid.
Filing Form 941 with our sister product TaxBandits is easy! Plus, if you need any assistance, our US-based support team is standing by ready to help you.