Employers who have employees working for them must complete a 941 Form at the end of each quarter. IRS requires all employers who pay a salary, wage, or other compensation as part of the employment relationship to complete a Form 941.
The deadline for filing a 941 Form is the last day of the month after the end of the quarter. Not doing it so will bring penalties up to 25%. For each month you don’t file a Form 941, Employer’s Quarterly Federal Tax Return, you will receive a 5% penalty. This penalty will be based upon the percentage of the unpaid tax due with the return. So your penalty will be calculated after you file it.
Keep in mind that the penalty for each quarter’s missing Form 941 will be calculated separately.
Printable Form 941 for 2020 Quarters
Since this is an IRS Form, you can obtain it from the IRS website. Unlike most other tax forms, Form 941 can be completed online. All you need is a calculator to determine taxable social security wages, tips, Medicare wages, and taxable wages and tips that are subject to Additional Medicare Tax withholding.
There are also other parts of the form where you might need a calculator to complete. The complete Form 941 must be sent to the IRS. Where you need to mail the form depends on which state you live. To see the list of addresses you need to send the completed Form 941, visit this article.
Currently, as of early 2020, Form 941 for 2020 hasn’t been published by the IRS. However, the draft version of the form has been shared with the public. As soon as the IRS issues Form 941 for the 2020 Quarters, we will update the post with the correct form.