Penalties For Late Filing Form 941

Take a brief look at the penalty assessments from the IRS if you file your Form 941 late.

There are many things that businesses can afford. But penalties are not one of those things. The IRS, being a federal tax regulator, monitors the filings and the tax owed by every single taxpayer in the country. And when you fail to file your information returns by the prescribed due date or neglect to file your returns at all, be prepared for some heavy penalty impositions from the IRS.

Form 941, a hot pan of a federal return, requires the employers to report the income taxes, Social Security tax, or Medicare tax withheld from employees’ paychecks. The return primarily deals with the employer’s quarterly federal taxes. This return also requires the employer to pay the employee’s portion of the Social Security or Medicare tax. 

When Is Form 941 Due? 

The IRS states that taxpayers need to submit Form 941 by the end of every quarter as follows. 

QuarterDue Date
January, February, MarchApril 30
April, May, JuneJuly 31
July, August, SeptemberOctober 31
October, November, DecemberJanuary 31

Now, what would happen if you miss filing the return by the above due dates? 

Penalties. Penalties. Penalties.

What Are The Penalties For Late Filing Form 941?

The IRS would impose the penalties in the following manner with an intent to help you avoid the taxing penalties and furnish the returns by the successive due date. 

If your Form 941 is late by 1 to 5 days: 2% of the amount due will be calculated as late filing penalties 

If your Form 941 is late by 6 to 15 days: 5% of the amount due will be calculated as late filing penalties 

If your Form 941 is late by 16 days or more: 10% of the amount due will be calculated as late filing penalties

If the IRS sends a notice to remind you of your delayed submissions, and you file the IRS Form 941 within the next 10 days, 15% of the amount due will be calculated as late filing penalties.

What Can You Do To Avoid The Late Filing Penalties?

You can start eFiling with Tax1099 right away and get the necessary tax assistance from our experts. 

You can further choose to schedule your 941eFiles with Tax1099 so you never miss an IRS deadline again.

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