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How to make your company's 941 payments on time

5 THINGS YOU NEED TO KNOW ABOUT YOUR COMPANY'S 941 PAYMENTS ||||| presented by: MP STAR FINANCIAL 5. 1. 2. 3. 4. 5. QUARTERLY FILING DATES CHANGE EACH YEAR But not by very much. The form, and any payments due, must be filed by the last day of the month after the end of the quarter. JAN APR JUL OCT • JAN 31 38 31 31 31 MAKE 941 PAYMENTS PART OF YOUR ROUTINE THINGS YOU CAN DO HIRE A PAYROLL SERVICE USE TAX PLANNING SOFTWARE DEPOSIT FUNDS INTO A SEPARATE ACCOUNT PENALTIES FOR FILING LATE ARE SEVERE Just for filing late, your company can be penalized by the İRS. FINES START AT 5% Fines start at 5% of the tax due, but can increase up to 25% of that amount. For late payments, your business can be charged .05% per month of the amount due, but this fine can also escalate to 25% of the tax owed. INTEREST ACCRUES The IRS can impose interest charges on any taxes owed. The interest is compounded daily, and calculated at the federal short term inferest rate, plus 3 percentage points. 941 PAYMENTS MUST BE FILED ELECTRONICALLY IRS regulations require that you file your 941 payments electronicaly. Gather Info Visit Website Submit MAKE 941 PAYMENTS EASIER WITH EFFECTIVE CASH FLOW MANAGEMENT Many companies have introduced an invoice factoring arrangement to help them more accurately forecast their cash flow situations and get paid on invoices more quickly. For more information please call 1-800-833-3765 #150 or visit MP MP Star Financial ACCOUNTS RECEIVABLE FINANCING SINCE 1995 This information is not intended to replace the counsel of your company's tax advisors. Please consult a qualified professional for advice on specific tax matters.

How to make your company's 941 payments on time

shared by baeumlisberger on Mar 05
Form 941 reports wages your company has paid and federal income tax withheld from employees during the period. It also notes Social Security and Medicare (FICA) taxes withheld, and your company’s sh...


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