There’s always something to be learned from the first quarter to help you transition to the next. April marks two important milestones for human resources and business owners: 941 payroll tax and the start of the second quarter. Here is everything you need to know about 941 Form for 2018.
What Is IRS Form 941 For 2018?
IRS 941 Form, the Employer’s Quarterly Federal Tax Return, is used to report employment taxes. If you own and operate a business with employees, you will likely need to file an IRS 941 Form four times a year. You, the employer, are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s paycheck. Form 941 for 2018 will also be used to calculate your portion of social security and Medicare tax for the first quarter.
Who Needs to File 941 Tax Form 2018?
Typically, all businesses that pay wages for employment are required to quarterly file an IRS 941 Form and continue to do so even if there are no employees during select quarters. However, the exceptions are seasonal employers and agricultural employees, who are not required to file each quarter.
What Will You Need to File?
To file, you will need your company/business details such as your EIN and preferably an Online Signature PIN. You don’t necessarily need a PIN to file, however, it will make the process simpler. If you don’t possess a PIN, you will need to complete and e-sign either Form 8453-EMP.
Also, to file each quarter, you will need the following information: Number of employees, total paid wages, and the IRS tax amount you withheld during the quarter.
Where to Send Form 941?
You will need to submit your Form 941 for 2018 to the IRS by the first quarter deadline on April 30th. We recommend using our sister product, TaxBandits an IRS-Authorized e-filing service.
Don’t Have an Online Signature PIN?
Well, you’re in luck! TaxBandits will not only file your 2018 941 Form, but you can also apply for your Form 94x Online Signature PIN for FREE.
Simply create or log in to your TaxBandits
account and select the “Create New Form” option. Select the 94x Online Signature PIN
Request option, and you will then be prompted to enter your employer details. If you are a returning user, you can conveniently select your current details from your address book. You will then arrive at the Request PIN screen where you will need to provide all the required information on your signing authority.
But Keep in Mind! It can take up to 45 days to receive your PIN. If you have not already applied, you will need to fill out Form 8453-EMP or 9979-EMP this quarter. But no worries- we have you covered, making filing quick, easy, and secure.
What if I File Late or Not at All!
Dun Dunn Dunnnnnnn!!! *Piercing screams in the distance*
A failure to file on time results in a 5% penalty on the tax return for each month the return is late. This penalty will cap at 25%.
The IRS will also heavily penalize you for late payment or not paying the full amount owed. You will be charged 2 to 15% of the unpaid tax depending on the number of days it remains unpaid.
File First Quarter 941 Form For 2018 With Confidence
We understand that after last week’s 2018 Tax Day deadline the very last thing you want to worry about it more taxes. Which we why we suggest our sister product, TaxBandits as a simple solution that makes your 941 tax filing easy. They pride themselves on being an IRS-authorized provider with a safe, secure, and accurate e-filing process that will save you time and money.