Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
The most recent version of Form 941, revised June 2021, should be used for the second, third, and fourth quarters of 2021. Employers should know what has changed on Form 941 and in the instructions.
This year, Form 941, the Employer's Quarterly Federal Tax Return, has been altered multiple times to compensate for COVID-19 related credits that need to be reported. Employers should know what has changed, and more importantly, which form to be using. The latest form to be used is Form 941 for 2021 revised June 2021. Along with the updates to the form, the Form 941 instructions have also been altered.
The latest revision of Form 941 features additional and altered lines in part 1 and part 3. These changes to Form 941 allow employers to claim the COBRA tax credits offered earlier in the pandemic. Many of the new or adjusted lines reference the "portion of credit for qualified sick and family leave wages for leave," depending on the date taken. According to the IRS Form 941 instructions, the date the leave was taken affects how much the wages should be taxed. Leave taken in the first quarter of 2021 is taxed at 6.2 percent, while leave taken after March 31, 2021, is to be taxed at 12.4 percent. You can learn more about the changes made to Form 941 at the IRS website.
The most recent version of Form 941, revised June 2021, should be used for the second, third, and fourth quarters of 2021. Since the deadline for filing Form 941 is the end of the month following the quarter, the next due date is July 31 for the second quarter reporting.
With PaycheckCity Payroll, small businesses can run payroll, generate paychecks, and generate tax filing reports including Form 941. Start for free and run your first payroll within ten minutes.
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!