ROCK HILL, SC / ACCESSWIRE / July 31, 2024 / Today is the IRS deadline for filing Form 941 for Q2 2024. For employers, it is crucial to file 941 forms on time and report withheld federal income taxes, Social Security, and Medicare taxes from employee wages to the IRS by the due date.

TaxBandits, an IRS-authorized e-file provider, is the ideal partner for ensuring that last-minute filings are completed promptly and correctly. The user-friendly platform makes the process simple and stress-free.

Streamlined 941 E-filing for Q2 2024

With TaxBandits, a leading e-file provider, employers can file Form 941 quickly and efficiently. The exclusive features of TaxBandits not only save time but also significantly improve the accuracy of submitted tax forms, resulting in faster processing.

Even if employers have not paid any wages to employees, it is necessary to file Form 941 and report zero taxes. TaxBandits also assists in reporting zero taxes in a few simple steps.

Disaster-Related Tax Relief for Q2 2024

The IRS has announced a tax relief program for certain states. Due to a severe disaster in West Virginia and Kentucky, the second quarter deadline for Form 941 has been postponed. Employers in these states can now file their Q2 941 by November 1, 2024, providing some relief from the usual tax deadlines.

Consequences of Late Filing of Form 941

It is important to note that late filing of Form 941 can result in severe penalties and tax issues. Employers must understand these consequences and submit this significant payroll tax form promptly to avoid any problems. Penalties for late filing include:

• Initial Penalty: Businesses will incur a penalty of 5% of the total tax amount owed.

• Continued Failure Penalty: An additional penalty of 5% will be imposed if the return is not submitted to the IRS.

• Interest on Continued Failure: If Form 941 is not filed after a five-month period, the IRS will impose an interest amount.

• Failure to Pay Reported Taxes: If the balance due reported on the filed Form 941 is not paid, the IRS will send a CP161 notice regarding the penalty.

Ease 941 Filing with TaxBandits Features

With extensive experience, TaxBandits enhances 941 filing with advanced technology. Its time-saving features streamline the filing process for tax professionals and businesses.

• Copy Return: Tax professionals can copy information from previously filed tax returns to the current filing, reducing the risk of errors and making the process easier.

• Bulk Upload: Clients can file in a single go using the 941 Excel template, reducing manual effort and minimizing errors.

• Zero Reporting: Supports 941 zero reporting for employers.

• Built-in Error Checks: TaxBandits forms are validated using IRS business rules. Any errors identified are prompted for immediate correction, ensuring error-free returns.

• 941 Schedule B and Schedule R: Supports 941 Schedule B for semi-weekly depositors and 941 Schedule R for CPEOs and reporting agents.

• Dedicated Customer Support: A reliable customer support team provides quick assistance through phone, email, and live chat.

Automate Form 941 with TaxBandits API

TaxBandits provides a developer-friendly API that allows businesses and software providers to automate 941 forms directly from their portal. With TaxBandits API integration, clients can streamline all aspects of the tax filing process.

When asked about today's IRS deadline for 941 Q2,2024, Agie Sundaram, CEO and co-founder of SPAN Enterprises (the parent company of TaxBandits), responded, "Today's deadline may prove to be stressful for business owners struggling to meet their Q2 941 deadline, the TaxBandits team is here to assist with a simple e-filing process and a dedicated support team ready to answer questions as needed throughout the filing process."

About TaxBandits

TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of Forms 1099, Form W-2, 1095, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.

Additionally, Software providers and other high-volume filers can use TaxBandits API to automate the filing efficiently. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, Form 941, Form 940, and Form 1095-C & Form 1095-B forms. Integrate TaxBandits API and automate Form 941 smoothly.

About SPAN Enterprises

Headquartered in Rock Hill, South Carolina, SPAN Enterprises has created cutting-edge software solutions for e-filing and business management for over ten years.

SPAN Enterprises' suite of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.

For media inquiries, please contact:

Stephanie Glanville
Marketing Manager
SPAN Enterprises
stephanie@spanenterprises.com

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SOURCE: TaxBandits