The IRS Form 941, also known as Employer’s Quarterly Federal Tax Return, was scheduled to change in June 2022. Previously, Form 941 was only updated in March for the first quarter reports. Now, the IRS has extended it to the second, third, and fourth quarters.
Employers use Form 941 from the IRS to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks. Without this report, the IRS would not know if you deposited your employment taxes on time.
Changes To Form 941-X
The new report, Form 941-X, only has two worksheets that must be turned in versus several forms needed to be submitted for Form 941. The IRS also updated changes to Form 941-X to match the changes from Form 941.
How GMS Can Help
Dealing with taxes can be complicated and can take away focus from your business. Outsourcing payroll administration will provide you with a team of experts by your side to give you dedicated support, proprietary technology, and operational efficiencies. Contact us today to learn how you can benefit from partnering with a PEO for your payroll needs.