When Are Form 941s Due? Filing & Payment Deadlines

Form 941, the Employer’s Quarterly Federal Tax Return, helps businesses report and remit federal payroll taxes, ensuring compliance.

Purpose of Form 941

Form 941 is the Internal Revenue Service (IRS) form for employers to report income, Social Security, and Medicare taxes withheld from employee wages. It also accounts for the employer’s share of these taxes. Most employers paying wages subject to these taxes must file this form quarterly.

The form summarizes quarterly payroll tax liabilities and payments, including wages paid, reported employee tips, and federal income tax withheld. It also includes employer and employee portions of Social Security and Medicare taxes. Exceptions include household employers, agricultural employers, and very small businesses that file Form 944 annually because their annual tax liability is $1,000 or less.

Standard Filing Deadlines

Employers submit Form 941 four times a year, with deadlines falling on the last day of the month following each calendar quarter. The first quarter (January 1-March 31) is due April 30. The second quarter (April 1-June 30) is due July 31.

The third quarter (July 1-September 30) is due October 31. The fourth quarter (October 1-December 31) is due January 31.

Payment Obligations and Due Dates

Employers must deposit federal income, Social Security, and Medicare taxes based on their total tax liability during a “lookback period.” This period determines an employer’s monthly or semiweekly deposit schedule. Tax deposits are required more frequently than quarterly filing.

Employers who reported $50,000 or less in taxes during the lookback period are monthly schedule depositors, with deposits due by the 15th day of the next month. For those with more than $50,000 in taxes during the lookback period, a semiweekly schedule applies. Under this schedule, deposits for wages paid Wednesday through Friday are due by the following Wednesday; deposits for wages paid Saturday through Tuesday are due by the following Friday. Employers whose total tax liability for the quarter is less than $2,500 can pay the tax directly with their Form 941 by the filing due date.

Filing and Payment Methods

Most employers file Form 941 electronically through IRS-approved software or a tax professional. E-filing offers quicker processing and immediate confirmation of receipt. Paper filing remains an option for those not mandated to e-file.

The primary method for federal tax deposits is the Electronic Federal Tax Payment System (EFTPS). Employers must enroll in EFTPS to schedule and make payments securely. Other accepted payment methods for the balance due on Form 941 include electronic funds withdrawal (EFW) if e-filing, credit or debit card payments through approved third-party processors, or a check or money order submitted with Form 941-V, the payment voucher.

Consequences of Non-Compliance

Failing to file Form 941 or pay the associated taxes by the due dates can result in penalties from the IRS. A failure-to-file penalty amounts to 5% of the unpaid tax for each month or part of a month the return is late, capped at a maximum of 25%. A separate failure-to-pay penalty is assessed at 0.5% of the unpaid taxes for each month or part of a month the payment is late, also with a maximum of 25%.

Additionally, penalties apply for failing to make federal tax deposits on time or in the correct electronic manner. These deposit penalties can range from 2% for deposits 1 to 5 days late, to 5% for deposits 6 to 15 days late, and 10% for deposits 16 or more days late. If taxes remain unpaid 10 days after an IRS notice, the penalty can increase to 15%. Interest may also be charged on underpayments, accruing daily from the due date until the tax is paid in full.