Benefits of Filing 941 Online For 2021
You can file form 941 in different options; however, the IRS recommends that you file 941 online for quick processing. Here are some of the benefits of e-filing Form 941:
Instant filing status updates
Access Form copies online
Low filing cost
Changes in Form 941 for 2021
The IRS has revised Form 941 for 2021. The American Rescue Plan Act of 2021 (ARP), signed into law on March 11, 2021, includes relief for employers and their employees during COVID-19. As always employers need to report COVID-19 credits on Form 941, so the IRS has updated the form to reflect the ARP. The revised Form 941 includes changes to 23 fields and provisions for COBRA premium assistance and qualified sick and family leave wages.
Visit https://www.expressefile.com/revised-form-941-for-2nd-quarter-2021 to know more about Form 941 changes for 2021.E-File 941 Now
What is Form 941 Worksheet and why should you complete it?
Form 941 Worksheet is used to calculate the qualified sick and family leave wages and employee retention credit.
IRS revised the Form 941 Worksheet 1 for the 2nd quarter of 2021. According to this, the Step 3 in the Worksheet 1 is made into a separate Form 941 Worksheet 2 for 2nd quarter 2021 for calculating the employee retention credit on wages paid after March 31, 2021 and before July 1, 2021. Form 941 Worksheet 4 is for calculating employee retention credit for the third and fourth quarter. Other than these, Worksheet 3 and Worksheet 5 are added for the remaining quarters of 2021.
to learn more.
How to File Form 941 Online?
E-File Form 941 easily by following a few simple steps and stay tax compliant with the IRS.
Here are the steps you need to follow for the 941 online filing.
Enter Form Information
Enter business information (Name, EIN, and Address), wages paid to employees in the quarter and taxes withheld and contributed
during the quarter.
Review the entered information. If you find any errors in the return, edit the information, and sign the return.
Transmit to IRS
If everything is fine, transmit the return directly to the IRS. An email notification will be sent to you once the IRS processes
Deadline to File Form 941 Online For 2021?
You must file Form 941 every quarter on the last day of the month following
the reporting quarter.
(Jan, Feb, and Mar)
April 30, 2021
(Apr, May, and Jun)
August 02, 2021
(Jul, Aug, and Sep)
November 01, 2021
(Oct, Nov, and Dec)
January 31, 2022
Penalties for not filing Form 941 on time?
You will be liable to penalties if you miss filing Form 941 or paying the tax dues within the deadline. Here are the
penalties for not filing Form 941:
If you miss filing form 941 within
5% penalty of the total tax due amount initially and the rate will keep increasing 5% for each month up to a
maximum of 25%
If you miss paying tax due:
0.5% penalty of the total tax due (excluding the penalty of late filing) and the rate will keep increasing up to 1%, 10 days after the IRS sends an intent to levy notice
You can file your return now with us to avoid the
Ready to File Form 941 Online For 2021?
File Form 941 online easily and quickly with us.It will take only a few minutes to complete the filing process.
Frequently Asked Questions on Form 941 Online Filing?
Still have questions regarding Form 941 filing?
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