Here’s a simple guide on what is form 941, who must file it, the deadline to file Form 941 in Q2 of the 2022 tax year, what is the late filing penalty and how to eFile using Tax1099.
Overview Of Contents
- What Is Form 941?
- Who Is Required To File IRS Form 941?
- When Is Form 941 Due In The Second Quarter Of 2022?
- What Are The Late Filing Penalties For Form 941?
- How To eFile Form 941?
What Is Form 941?
- Form 941 is an IRS information return that exclusively reports the Employer’s Quarterly Federal Tax.
- Form 941 is used to report certain federal taxes withheld from the employees’ paychecks.
- Businesses/employers that pay wages, tips, sick leave, and other payroll compensations like group term-life insurance to employees, must file Form 941.
Who Is Required To File IRS Form 941?
If you’re an employer, and you’ve withheld certain federal taxes from your employees’ paychecks, then you need to report with Form 941 and pay your share of the Social Security Tax and Medicare Tax.
- You need to file a Form 941 if:
- You’ve paid wages to your employees
- Employee tips are reported to you
- You’ve withheld federal income tax
- You’ve withheld social security tax
- You’ve withheld Medicare tax
- You’ve withheld additional Medicare tax from your employees
- You’ve provided sick leave or family leave
- You’ve provided group-term life insurance to employees
And other reportable payroll payments that qualify for the Form 941 reporting regime.
It’s essential to note that you need not file a Form 941 for non-payroll payments made, such as backup withholding or income tax withholding on pensions, annuities, and winnings from gambling.
When Is Form 941 Due In The Second Quarter Of 2022?
IRS Form 941 is due by the end of the month following the second quarter of 2022.
The second quarter consists of the months April, May, and June. The last date of the month following Q2 is July 31, 2022. However, this is a Sunday (a holiday). So, August 1, 2022, is the due date for Form 941.
The deadline for Form 941 for the second quarter of 2022 is August 1, 2022.
Use the following deadline table to review and eFile Form 941 by the 2022 due date for each quarter.
| Quarter | Reporting Period | Form 941 Deadline |
| Q1 | Jan, Feb, and Mar | May 02, 2022 |
| Q2 | Apr, May, and Jun | August 01, 2022E-File Form 941 Now |
| Q3 | Jul, Aug, and Sep | October 31, 2022 |
| Q4 | Oct, Nov, and Dec | January 31, 2023 |
What Are The Late Filing Penalties For Form 941?
There is no fixed penalty amount with which the IRS penalizes businesses.
However, the penalty rate is pre-defined and will be exercised by the IRS when Form 941 is filed late or when the business misses the prescribed IRS due date for Form 941.
Use the following penalty computation table to understand the penalty due for late filing Form 941 in 2022.
| Late By | Penalty (In %) | Penalty Type |
| 1 to 5 days | 2% | Late Filing |
| 6 to 15 days | 5% | Late Filing |
| 16 days or more | 10% | Late Filing |
| 10 days after being issued an IRS notice | 15% | Late Filing |
The maximum penalty rate for late filing your payroll Form 941 is calculated at 25% on reportable payroll payments.
How To eFile Form 941?
Every quarter, thousands of businesses prepare and eFile payroll Form 941.
Confidently eFile your 941 return with Tax1099 – an IRS-authorized eFile provider.
With Tax1099, you can:
- Securely eFile Form 941.
- Verify employee TINs with real-time TIN Matching.
- Manage all your IRS communications in one place.
- Bulk eFile Form 941 for all your employees.
- Leverage API experiences to save time on form completion.
- Schedule your 941 eFilings online, so you never miss a deadline.