What is Form 941? | Employer's Quarterly Federal Tax Return
Updated: Sep 12
IRS Form 941, Employer's Quarterly Federal Tax Return, is used to report information about taxes withheld from employee's paychecks such as Federal income tax, Social Security tax, and Medicare tax. It is also used to pay the employer's portion of Social Security and Medicare Tax. This form is used to report taxes while tax payments should be deposited monthly or every semi-weekly depending on your total tax liability.
Who Needs to File a Form 941?
Most employers need to file a Form 941, Employer's Quarterly Federal Tax Return, or a Form 944, Employer's Annual Federal Tax Return to report employment taxes. Form 941 is the most common while small employers with an annual employment tax liability of $1,000 or less who've been notified by the IRS must file a Form 944 instead.
When Do I Need to File a Form 941?
Employers are required to file a Form 941 by the last day of the month following the end of the quarter. However, if the filing due date is on a Saturday, Sunday, or legal holiday, then you may file by the next business day.
2023 Due Dates
Here are the due dates to file Form 941 for the 2023 tax year:
Q1: May 1, 2023
Q2: July 31, 2023
Q3: October 31, 2023
Q4: January 31, 2024
Even if you don't pay wages and have taxes to report for a quarter, you must still file a return. Some exceptions may apply for seasonal and agricultural employers, which you can learn more about under Exceptions in Instructions for Form 941. You must file Form 941 on time to avoid late penalties and interest.
How Do I File a Form 941?
You can either mail your return to the IRS or file it online.
If you're mailing your return, the address depends on where you live and if you are including payment. For the full list of mailing addresses, visit Where to File Your Taxes" for Form 941.
You can either E-file yourself with IRS-approved software or outsource to a professional who can submit the forms for you.
Here at Summit Bookkeeping, we can help you file and report a wide range of federal and state taxes. Give us a call at (360) 756-5020 to speak with one of our bookkeepers.
Disclaimer: This post is meant for informational purposes only and should not be taken as legal, business, or tax advice. Please consult with your accountant or bookkeeper for more information based on your specific situation. You can also find more detailed information in the links below.