Form 941 is one of the most common forms that every business owner that has employees working for him needs to complete at the end of each quarter. It reports the federal income tax withholdings of employees and states the IRS with taxes taken from employee’s pay and amount owed to the agency.
Form 941 also reports FICA Taxes which are Social Security and Medicare taxes.
Since the IRS requires all employers to file Form 941 at the end of each quarter, not doing it so will make the employer subject to penalties. For each month that Form 941 remains unfiled, a 5% penalty will be added to the taxes unpaid taxes. This penalty can reach as high as 25% and will be added up for each quarter’s missing Form 941.
Where to get blank Form 941 for 2020?
The Internal Revenue Service grants all documentation that an employer needs to fulfill their duties. You can either request Form 941 from the IRS by phone or mail but since this will take quite a bit of time, we recommend getting it online. The best part about it is that you can complete it online, then save it or print it off directly.
The above link is the draft form. As soon as the IRS issues a new one for the first quarter of 2020, this post will be updated with the new one. In the meantime, you can take a look at our front page to see instructions and guidelines for filing Form 941. If you don’t know where to send Form 941, visit this article that details all mailing addresses for each state.