Rev. March 2024
This document is a tax reporting form for semiweekly schedule depositors titled 'Schedule B (Form 941)'. It is published by the Department of the Treasury - Internal Revenue Service, and the OMB number is 1545-0029. The form requires employers to report their tax liability for each month in a calendar year, with columns corresponding to the dates wages were paid. Employers must fill out this schedule and attach it to Form 941 if they are semiweekly schedule depositors or have an accumulated tax liability of $100,000 or more on any day. The form also includes instructions for reporting adjustments and details can be found in Pub. 15.
Yes, employers can use EFTPS (Electronic Federal Tax Payment System) to make federal tax deposits. This is a free service provided by the IRS that allows employers to schedule and make payments online or by phone.
To file an amended Schedule B (Form 941), employers must have a tax decrease and be assessed an FTD penalty. The total liability reported on the amended Schedule B must equal the corrected amount of tax reported on Form 941-X. If there is no tax increase, no amended Schedule B is required.
The three methods for making federal tax deposits are electronically, by check or money order, and in cash. Employers can choose the method that works best for them.
If employers fail to make federal tax deposits, they may be subject to failure-to-deposit (FTD) penalties and interest charges. Employers should report the error as soon as possible to avoid additional penalties.
Employers can correct errors on Schedule B (Form 941) by filing an amended Form 941 and/or an amended Schedule B. Employers must report the corrected amount of tax, the corrected date, and the reason for the correction.
There is no time limit for claiming a refund. However, it's generally best to file as soon as possible after discovering an error or omission on a tax return.
Forms related to Schedule B (Form 941) include Forms 941, 941-X, and 3102. Publications include Publication 517, Social Security and Medicare Taxes for Employers, and Publication 583, How to File Form 941 Electronically Using the EFTPS.
Semiweekly schedule depositors and monthly schedule depositors. Semiweekly schedule depositors make deposits every week, while monthly schedule depositors make deposits once a month.
An amended Schedule B can be filed with Form 941-X to avoid or reduce an FTD penalty if there's a tax decrease and an FTD penalty was assessed.
Employers who reported incorrect, incomplete, or missing information on Schedule B and were assessed an FTD penalty may need to file an amended Schedule B.
Schedule B (Form 941) is due with the Form 941 for each quarter. The deadline for filing is the last day of the month following the end of the quarter.
Schedule B (Form 941) is used by employers to report their quarterly taxes and contributions for Social Security and Medicare. It is used to correct errors made on previous Forms 941, reduce or avoid FTD penalties, or file an amended return if needed.
Form 941 (Schedule B) is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 941 (Schedule B) online
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