The first quarter consists of January, February and March.
The 941 return is due on April 30.
The second quarter consists of April, May and June.
The 941 return is due on July 31.
The third quarter consists of July, August and September.
The 941 return is due on October 31.
The fourth quarter consists of October, November and December.
The 941 return is due on January 31.
Payments should be made towards a business' 941s. The frequency of payments are determined by a business' look back period. The following is an excerpt from Publication 15 (Circular E) regarding the lookback period.
Lookback period. If you are a Form 941 filer, your de-posit schedule for a calendar year is determined from the total taxes reported on Forms 941, line 10, in a 4-quarter lookback period. The lookback period begins July 1 and ends June 30 as shown next in Table 1. If you reported $50,000 or less of taxes for the lookback period, you are a monthly schedule depositor; if you reported more than $50,000, you are a semiweekly schedule depositor.
Table 1. Lookback Period for Calendar Year 2015 July 1, 2013
|
Oct. 1, 2013
|
Jan. 1, 2014
|
Apr.1, 2014
|
through
|
through
|
through
|
through
|
Sep. 30, 2013
|
Dec. 31, 2013
|
Mar. 31, 2014
|
June 30, 2014
|
A monthly depositor is required to make their Federal Tax Deposits on the 15th of each month. The deposit on the 15th is made for the prior month's payroll tax. For example, February 15th's deposit is actually for January's payroll tax. This would be the first deposit for the 1st quarter. January 15th's deposit would actually be the last deposit for the 4th quarter.
A semi-weekly depositor is required to make their deposits more frequently based on the day in which they issue payroll. They must also complete Schedule B of the Form 941.
If payday falls on a Wednesday, Thursday or Friday then the deposit should be made by the following Wednesday.
If payday falls on a Saturday, Sunday, Monday, or Tuesday then the deposit should be made by the Friday of the same week.
Deposits need to be made at www.eftps.gov. EFTPS stands for Electronic Federal Tax Payment System.
If all of this seems to be too complicated, you may want to consider getting a payroll service like ADP.
The penalties for not filing a tax return or making deposits on time are severe. There are three types of penalties associate with 941s, Late filing, Federal Tax Deposit, and Failure to Pay. The IRS will also charge interest on any debt.
If you have fallen behind with your Federal Tax Deposit and 941 filings, Phoenix Financial Group can help. They have tax attorneys and enrolled agents on staff that specialize in helping clients resolve their past due 941 tax debt.
Phoenix Financial Group can be reached at (888) 572-2179 or email at info@pfgtax.com.
