When Is Form 941 Due? Quarterly Filing Deadlines

Form 941, the Employer’s Quarterly Federal Tax Return, is a report to the IRS. Employers use it to report federal income tax, Social Security tax, and Medicare tax withheld from employee wages. It also details the employer’s share of Social Security and Medicare taxes. Most businesses with employees must file Form 941.

Quarterly Filing Deadlines

Employers submit Form 941 quarterly to report payroll tax liabilities. Standard due dates are the last day of the month following each calendar quarter. For the first quarter (January 1-March 31), Form 941 is due by April 30.

The second quarter (April 1-June 30) has a filing deadline of July 31. The third quarter (July 1-September 30) requires Form 941 to be filed by October 31. The fourth quarter (October 1-December 31) has its due date on January 31 of the next year.

Extended Filing Deadlines

Standard Form 941 due dates can be adjusted. If a filing deadline falls on a Saturday, Sunday, or a legal holiday, the due date automatically shifts to the next business day. For example, if April 30 is a Saturday, the Form 941 for the first quarter would then be due on the following Monday, assuming it is not also a holiday.

An extension applies to employers who have made all federal tax deposits for the quarter on time and in full. The Form 941 due date is extended by 10 days. For instance, if the original deadline is April 30, it would be extended to May 10 for timely depositors. This extension pertains solely to the filing of the form and does not alter the separate deadlines for making the required tax deposits.

Penalties for Non-Compliance

Failing to file Form 941 on time or not paying the associated taxes can result in various penalties from the IRS. A failure to file penalty may be assessed, typically calculated at 5% of the unpaid tax for each month or part of a month the return is late. This penalty can accumulate up to a maximum of 25% of the unpaid tax.

A separate failure to pay penalty applies if taxes are not paid by their due date, which is generally 0.5% of the unpaid taxes for each month or part of a month the payment is late, also capped at 25%. Additionally, specific penalties exist for failing to make federal tax deposits on time or in the correct amount. These deposit penalties can range from 2% for deposits made 1-5 days late, to 10% for deposits made 16 or more days late, or within 10 days of an IRS notice. The IRS may also charge interest on any underpayments, further increasing the amount owed.

Preparing Your Form 941

Before completing Form 941, employers must compile accurate payroll records for the quarter. This includes the total wages, tips, and other compensation paid to all employees. Employers also need to determine the total federal income tax withheld from these employee earnings.

The employer’s and employee’s shares of Social Security and Medicare taxes must be accurately calculated and recorded. This involves accounting for any adjustments, such as those for fractions of cents, sick pay, or certain types of tips. The official Form 941, along with its instructions, can be downloaded directly from the IRS website to ensure the correct version is used.

Submitting Your Form 941

Once Form 941 is fully prepared and completed, employers have two primary methods for submission. One option is to mail the physical form directly to the IRS. The specific mailing address depends on the state where the business operates and whether a payment is enclosed with the return. It is advisable to consult the official IRS instructions for Form 941 to find the precise mailing address, and using certified mail with a return receipt can provide proof of timely mailing.

Alternatively, employers can choose to e-file Form 941 through an IRS-approved e-file provider or tax professional. This digital submission method requires using specialized software or services that are authorized by the IRS. After successful e-filing, employers typically receive an electronic confirmation, providing immediate proof of submission.