CHARLOTTE, NC / ACCESSWIRE / June 20, 2024 / Form 941 for the second quarter of the 2024 tax year is now available for IRS e-filing. Now is the time for employers to get ahead of their payroll tax deadlines and ensure they submit accurate filings. The deadline to file Form 941 for Q2 of 2024 falls on July 31, 2024.
Form 941, the Employer's Quarterly Federal Tax Return, is pivotal in reporting income taxes, Social Security tax, and Medicare tax withheld from employees' paychecks to the IRS. As this form is filed quarterly, employers must adhere to all four deadlines each year.
Form 941 for the Second Quarter of 2024 is Now Available
The deadline for filing Form 941 for Q2 of 2024 may seem distant. However, employers benefit significantly by being proactive and completing their filings early. Utilizing the services of TaxBandits, a reputable IRS e-file provider in the industry, can help streamline this process.
By accessing the TaxBandits application, employers can take advantage of the opportunity to get a head start on their quarterly filing, as the Q2 2024 Form 941 is now available. This early action can provide ample time for reviewing and ensuring the accuracy of the filing information, ultimately leading to a smoother and more efficient filing process.
Form 941 Updates for Q2 of Tax Year 2024
While Form 941 for 2024 does not have major changes, the IRS introduced new business rules validation and schema changes for Q2, 2024. TaxBandits has updated its application to seamlessly accommodate these changes, ensuring a smooth and efficient filing process.
Deadline Extensions for Form 941 - Q2, 2024
The IRS has issued an important announcement regarding an extended filing deadline for certain taxpayers in West Virginia and Kentucky. Due to the impact of severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that began on April 02, 2024, the deadline for filing Form 941 for Q2, 2024, has been extended. Taxpayers in these states now have until November 01, 2024, to submit this form. This extension aims to provide relief to individuals and businesses affected by extreme weather events, allowing them more time to fulfill their tax obligations.
Recap: Updates to Form 941 for Tax Year 2024
Business owners and tax professionals should revisit the notable changes to Form 941 for Q1 2024:
One of the most significant changes to Form 941 for Q1, 2024 is the removal of COVID-19-related tax credits for qualified sick and family leave wages.
In response to the discontinuation of COVID-19-related tax credits, various lines on Form 941 have been removed:
- Part 1, Lines 5a(i) and 5a(ii)
- Part 1, Lines 11a - 11g
- Part 1, Lines 13a-13i
- Part 3, Lines 19-28
Forms 941-PR (used in Puerto Rico) and Form 941-SS (used in the U.S. territories) were discontinued after 2024 and were replaced by Form 941 (sp) (Spanish).
Enhanced Form 941, Q2 Filing with TaxBandits!
TaxBandits has introduced a "copy return feature" for the second quarter of Form 941 filings, allowing the replication of information from the previously accepted return (Q1, 2024) into the current quarter (Q2, 2024). This is also applicable to Form 941 SP.
This enhancement enables TaxBandits clients to:
Save time by avoiding the need to re-enter information manually.
File 941 online to simplify the filing process.
Minimize the risk of errors associated with double entries, ensuring accuracy and compliance with tax regulations.
TaxBandits: Streamlined E-filing Features for All
TaxBandits offers advanced features to improve the efficiency and accuracy of filing Form 941:
- Bulk Upload 941 data using 941 Excel templates
- Form 941 Schedule B for semi-weekly depositors
- Form 941 Schedule R for PEOs, CPEOs, and other 3504 agents
- Volume-based prepaid credits
- Built-in 941 Worksheets
- Automatic Tax Calculations
- Error checks using the IRS Business Rules
- Easy e-signature options (Online Signature PIN or Form 8453-EMP)
When asked about these upcoming quarterly filings, Agie Sundaram, CEO and Co-founder of SPAN Enterprises (the parent company of TaxBandits), responded, "TaxBandits leads the industry as an IRS-authorized e-file provider because we offer advanced features and unbeatable customer support that simplify the e-filing process. With TaxBandits, filing Form 941 is easy and affordable, whether for a single business or thousands of clients."
Create a free account at TaxBandits to e-file Form 941 for the second quarter of 2024. TaxBandits also supports filing for prior quarters of Form 941.
About TaxBandits:
TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in Form 1099, Form W-2, Form 1095-C, Form 1095-B, Form 940, Form 941, and Fillable W-9. Serving businesses, service providers, and tax professionals, TaxBandits offers a comprehensive solution for BOIR for small businesses that require BOIR reporting with FinCEN.
Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add client value and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.
About SPAN Enterprises:
Headquartered in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software tools for e-filing and business management for over a decade. The SPAN Enterprises portfolio includes Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For media inquiries, please contact:
Stephanie Glanville
Content Writer, SPAN Enterprises
[email protected]
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SOURCE: TaxBandits