E-File 2023 & 2022 Form 941-SS
Online Securely

There are some major changes to Form 941 for 2024. The following changes are made for the 2024 tax year:

• The Social Security wage base limit has now been increased from $160,200 to $168,600.
• Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or
  more in 2024.
• Election workers who receive $2,300 or more in cash or its equivalent form of compensation are subject to Social Security and Medicare taxes in 2024.
• Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on
  Form 941.
• Form 941-SS and 941-PR are discontinued after 2023. Instead, employers in those U.S territories have the option to file using Form 941 or if they prefer a Form in Spanish, they can file using the new Form 941(sp).
• Publications- 51, 80, and 179 are no longer required after 2023. Instead, information necessary for agricultural employers and employers in U.S Territories will be included in Publication 15 (Employer's Tax Guide). Also, a Spanish version of Publication 15 has been introduced starting from 2024

There are a few minor changes to the Q1 Form 941 for 2023. First, the IRS updated the attachment Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities. This form is now used by small businesses to claim a tax credit of up to $250,000.

To reflect this, Line 12 of Form 8974. has been updated. In previous quarters it has been "Credit”, it is now ‘Credit against the employer share of social security tax’. Additionally, Lines 13 -17 have been introduced to the form for the first quarter of 2023 and beyond.

The IRS updated the first step of Worksheet 1 and has reintroduced Worksheet 2 for the first quarter of 2023

It is also important to note that the social security wage base limit for the 2023 tax year is now $160,200. Forms
941-PR and 941-SS will likely be discontinued after the 2023 tax year.

Visit https://www.taxbandits.com/form-941/revised-new-irs-form-941-for-q1-2023/ for more detailed information.

Form 941-SS is the US Territories Employer’s Quarterly Federal Tax Return filed by wage-paying employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the US Virgin Islands. If you own and operate a business with employees in US territories, you will need to file IRS Form 941-SS quarterly. Employers are responsible for withholding federal income tax, social security tax, and Medicare tax from each
employee’s salary.

Form 941-SS is generally due by the last day of the month following the end of the quarter. You’re required to file Form 941-SS for each quarter.

• First quarter (JAN, FEB, MAR) is due on May 1, 2024
• Second quarter (APR, MAY, JUN) on July 31, 2024
• Third quarter (JUL, AUG, SEP) on October 31, 2024
• Fourth quarter (OCT, NOV, DEC) on anuary 31, 2025J

Click here to know more about Form 941-SS deadlines.

Failure to file form 941-SS by the deadline will result in a 5% penalty on the tax return for each month the return is late. This penalty caps at 25%. The IRS will also heavily penalize you for late payment or not paying the full amount owed. You will be charged 2-15% of the unpaid tax determined by the number of days it remains unpaid. To learn more about Form 941-SS penalties for not filing & not paying the taxes.

The IRS requires an e-signature to complete Form 941-SS to ensure that the person filing has the proper authorized by the company or business. If you don’t possess 94x 94x Online Signature PIN, you will need to complete and e-sign Form 8453-EMP.

TaxBandits supports e-signing of Form 8453-EMP where you can e-sign instantly when you are filing your Form 941-SS online. Apply for an online signature PIN for free today. Apply Now

The IRS has released the new Form 941-SS for the first quarter of 2021. In the new form, we can see changes in Line Line 13b and Line 24. These lines were previously used to report deferred employers' and employees' share of social security tax. Both the lines are reserved for future use in the revised Form 941-SS, and employers must use it for the first quarter of 2021.

Click Here to know more about Revised IRS Form 941-SS for 2021.

The Form 941 Worksheets have changed from the second quarter of 2021. Employers need to calculate the employee retention credit, which is done using 941 Worksheet 4 for the third and fourth quarter of 2021. This is used for the qualified wages paid after June 30, 2021. Previously, for the second quarter, Worksheet 2 was used to calculate the employee retention credit.

IRS has released the draft for the Form 941-SS for Q2 of 2021. These are in response to the American Rescue Plan(ARP) which was passed this year. The COVID-19 related credit for qualified sick and family leave wages, employee retention credit has been extended. There are about 23 field changes in this revised 941-SS Form.

Click here to learn more about Form 941-SS for Q2 2021.

The tax relief programs passed under the American Rescue Plan Act are continuing to expire, and these changes will reflect on Form 941 for the second quarter and third quarter 2022. As a result, the COBRA Premium Assistance Credit is not available for the Q2 & Q3 of 2022.

Visit, https://www.taxbandits.com/form-941/revised-new-irs-form-941-for-q2-2022/ to learn more.