When Is Form 941 Due? All Quarterly Filing Deadlines

Form 941, the Employer’s Quarterly Federal Tax Return, is a key document for businesses. Employers use it to report withheld income taxes, Social Security tax, and Medicare tax from employee paychecks. It also includes the employer’s portion of Social Security and Medicare taxes, known as FICA taxes. This quarterly filing summarizes payroll tax liabilities and payments.

Quarterly Filing Deadlines

Employers must file Form 941 each quarter. The due dates are the last day of the month following the end of each calendar quarter. For the first quarter (January 1 to March 31), the form is due by April 30. The second quarter (April 1 to June 30) has a filing deadline of July 31.

For the third quarter (July 1 to September 30), the due date is October 31. The fourth quarter (October 1 to December 31) requires filing by January 31 of the following year. If a deadline falls on a Saturday, Sunday, or legal holiday, employers can file on the next business day. An extended deadline of 10 additional days may apply if all taxes for the quarter were deposited on time and in full.

Information Reported on Form 941

Form 941 requires employers to report employee compensation and withheld taxes. This includes total wages, tips, and other compensation paid to employees during the quarter. Federal income tax withheld from employee wages is also reported. Any additional Medicare Tax withheld from employees, along with current quarter adjustments for items like fractions of cents, sick pay, or group-term life insurance, are included. The form also accounts for specific tax credits, such as the qualified small business payroll tax credit for increasing research activities.

Submitting Form 941

Employers can submit Form 941 to the IRS in a couple of ways. Electronic filing (e-file) is available through IRS-approved providers and often results in faster processing. Alternatively, employers can mail a paper copy of Form 941 to the IRS. The specific mailing address depends on the state where the business is located and whether a payment is included. If a payment accompanies the form, it should be made payable to the U.S. Treasury, and Form 941-V, a payment voucher, should be included. Payments can also be made electronically through the Electronic Federal Tax Payment System (EFTPS).

Penalties for Non-Compliance

Failure to meet Form 941 deadlines or payment obligations can result in penalties. A failure-to-file penalty is assessed at 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid taxes. A separate failure-to-pay penalty applies if taxes are not paid on time, 0.5% of the unpaid taxes for each month or part of a month, also capped at 25%. If both penalties apply in the same month, the failure-to-file penalty may be reduced.

Penalties for failure to deposit taxes on time are distinct and depend on the length of the delay. These can range from 2% for deposits 1 to 5 days late, to 5% for 6 to 15 days late, and 10% for delays of 16 days or more. If payment is delayed more than 10 days after an IRS notice, the penalty can increase to 15%. Interest accrues on underpayments at a rate of 7% per year, compounded daily. In cases of willful failure to collect or pay over employment taxes, responsible individuals can face a Trust Fund Recovery Penalty (TFRP), which can equal 100% of the unpaid trust fund portion of the taxes.