If you’re a business or a non-profit based in the US and you have employees working for you on your payroll, then you are also responsible for withholding their federal income taxes and other taxes that are applicable on the employee’s monthly salary in compliance with IRS policies, such as the Social Security and Medicare tax for 2019. The IRS Form 941 for 2019, officially titled as “Employer’s QUARTERLY Federal Tax Return” is used to file and report the total amount of tax an employer withholds from employees.
As the name suggests, the IRS Form 941 is a quarterly form, so you have to prepare and submit this form to the IRS four times a year.
You will need to file Form 941 if you’re a business owner based in the US and have employees on your payroll and make monthly payments to. The IRS Form 941 is needed to report the tax withholdings to the IRS.
If you are an employee who is employed by a business, you do not need to worry about the IRS Form 941. Instead, make sure that you complete all formalities with IRS Form W4.
The IRS Form 941 is a quarterly form, i.e. this form has to be filed and submitted to the IRS four times a year. For 2019, the form 941 due dates are on the last day of the months of April, July, October and January. You must submit the form to IRS by the the last day of the month that follows the end of the quarter. Thus, your tax withholdings from January to March must be reported by April 30th; similarly, your numbers from April to June must be reported by 31st July, and so on.
Follow these 6 simple steps to fill out Form 941 on Mac:
Misspelling your own Employer Identification Number (EIN) or Trade Name will most likely result in your form 941 being rejected; so make sure the information is entered correctly.
Ensure that you pick the correct Quarter before check the correct box on the right. Remember, the due date of Form 941 is the last day of the month following the quarter. So if you’re filling out a form in July for the second quarter, it’s easy to get confused and mark option 3: July, August September, instead of the correct option, which is 2: April, May, June.
Make sure that you sign the form in Part 5. If you happen to submit the form without signing it first, your form will be rejected as it will be considered that it wasn’t you who sent the form. So you must sign the form before sending it. It isn’t merely a signature, but instead you are signing a declaration that what you’ve filled in the form is “true, correct, and complete.”
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Once again, make sure you provide accurate information on your IRS Form 941. If you are unsure of some items, always consult your financial adviser.