Have you filed your 941 quarterly report?

Deadline for filing the 941 quarterly form is approaching fast. It is only 7

days away Tuesday April 30..

IRS Form 941 — also known as the Employer’s Quarterly Federal Tax Return — is the form businesses uses to report income taxes withheld from your employees’ wages. It also provides and report Social Security and Medicare taxes.

Who needs to file Form 941

Anyone running a business and has employees. In addition they must run payroll, file payroll taxes, and submit several payroll tax forms, including Form 941, to the IRS.

Penalties for failing to file or pay taxes on Form 941

If you fail to file your Form 941, the IRS charges a penalty of 5% of the total tax amount due. Your business will continue to be charged an additional 5% every month the return has not been submitted for up to five months.

For a stress free filing experience use a payroll service that can manage deadlines and paycheck record requirements so you can focus on your business. Here at McGee Tax Service we can handle all of this for you. We also offer bookkeeping services. Contact us at info@mcgeetaxservice.com for more help.