Frequently Asked Questions

Q. How do I print the forms we filed?

A. Navigate to Quick Links at the top right corner >> Print Center >> choose your Form Type. Select the Tax Year and Employer. The respective forms will be available for download.

Q. How to provide Online Access to employees/recipients?

A. Click Quick Links >> Manage Online Access. Choose Business. Use the toggle button to enable or disable online access for the employees/recipients.

Q. Who must file Form 5498?

A. Form 5498 must be filed by the IRA trustee or issuer for each participant. A trustee/issuer includes banks, trust companies, or any other entity approved by the IRS. For every individual having an Individual Retirement Account (IRA), trustees must use Form 5498 to report IRA contributions to the IRS. Additionally, a copy of this form must be issued to the participant.

Q. How do I check the status of my 5498 returns?

A. After transmitting 5498 returns, you can check their status from your TaxBandits account dashboard. Go to the 1099/W-2 tab and choose Business using the dropdown. Click Transmitted Forms to view the status of the forms submitted.

Q. Can I file Form 5498 in bulk?

A. At this time, you cannot file Form 5498 in bulk through TaxBandits. However, our developers are working on a bulk feature that will be available soon.

Q. How do I e-file Form 5498 using TaxBandits?

A. Sign in to TaxBandits. Click Start New Form >> Form 5498. Choose Tax Year and enter Trustee or Issuer details. Enter Participant details and Form 5498 details. Choose compliances and pay for the services. Review and transmit your 5498 forms to the IRS.

Q. Are there any changes to Form 941 for the Second quarter of 2021?

A. Yes, there are changes to Form 941 for the second quarter of 2021 and they are listed below:

  • Lines 5a, 5a(i), and 5a(ii)

    Asterisks were included in each of these lines. In addition, the IRS encourages employers to Include taxable qualified sick and family leave wages for leave taken after March 31, 2021, on line 5a. Use lines 5a(i) and 5a(ii) only for wages paid after March 31, 2020, for leave taken before April 1, 2021.

  • Line 11b

    This line is used to report the nonrefundable portion of the credit for qualified sick and family leave wages for leave taken before April 1, 2021.

  • Line 11d

    Report the nonrefundable portion of the credit for qualified sick and family leave wages for leave taken after March 31, 2021.

  • Line 11e

    This is a new line to report the nonrefundable portion of COBRA premium assistance credit.

  • Line 11f

    This is a new line to report the number of individuals provided COBRA premium assistance.

  • Line 11g

    This is a new line to report total nonrefundable credits. Add lines 11a, 11b, 11c, 11d, and 11e.

  • Line 13c

    This line is updated to report the refundable portion of the credit for qualified sick and family leave wages for leave taken before April 1, 2021.

  • Line 13e

    This line is updated to report the refundable portion of the credit for qualified sick and family leave wages for leave taken after March 31, 2021.

  • Line 13f

    This line is changed to enter the Refundable portion of COBRA premium assistance credit.

  • Line 13g

    This line is used to report total deposits and refundable credits. No change to this, however, this line is calculated by adding lines 13a, 13c, 13d, 13e, and 13f.

  • Line 13h

    This is a new line to report the total advances received from filing Form(s) 7200 for the quarter.

  • Line 13i

    This is a new line to report the total deposits and refundable credits less advances. Subtract line 13h from line 13g.

  • Line 14

    This line is still used for calculating the Balance Due. Difference between the lines 12 and 13i should be entered on this line.

  • Line 15

    This line is still used for calculating the overpayment. Difference between the lines 12 and 13i if 13i is more than 12.

  • Line 18b

    Check this box if you’re eligible for the employee retention credit solely because your business is a recovery startup business.

  • Line 19

    Enter the qualified health plan expenses allocable to qualified sick leave wages for leave taken before April 1, 2021.

  • Line 20

    Enter the qualified health plan expenses allocable to qualified family leave wages for leave taken before April 1, 2021.

  • Line 23

    This line is used to report the qualified sick leave wages for leave taken after March 31, 2021.

  • Line 24

    This line is used to report the qualified health plan expenses allocable to qualified sick leave wages reported on line 23.

  • Line 25

    This line is used to report the amounts under certain collectively bargained agreements allocable to qualified sick leave wages reported on line 23.

  • Line 26

    This line is used to report the qualified family leave wages for leave taken after March 31, 2021.

  • Line 27

    Report the qualified health plan expenses allocable to qualified family leave wages reported on line 26.

  • Line 28

    Report the amounts under certain collectively bargained agreements allocable to qualified family leave wages reported on line 26.

Looking for an IRS-authorized e-file provider to e-file Form 941 for the second quarter of 2021? TaxBandits is here to assist you. We are now accepting Form 941 for the second quarter of 2021. E-file today!

Q. I do not have any wages to report in this quarter. Do I still have to
file Form 941?

A. As an employer, if you have filed Form 941 for the first quarter, you should continue to file returns for each quarter even if there is no tax amount to report to the IRS. However, if you have filed a final return, you are exempted from filing Form 941.

For instance, consider that you filed Form 941 for the First Quarter of 2021, and you don’t have any tax amount to report for the Second Quarter of 2021. In this case, you still have to file Form 941 for the Second Quarter with zero amount.

Q. Can I E-File Form 941 for Multiple Businesses from One TaxBandits Account?

A. Yes, you can file multiple 941 forms using a single TaxBandits account.

Follow the steps below to file multiple 941 forms,

  • Sign in to TaxBandits.
  • Click Start New Form >> Upload Multiple 941s.
  • Download the template based on the quarter you want to file.
  • Enter the form details in the template and upload it.
  • Review your form details and continue with the subsequent steps.
  • Transmit the returns to the IRS.

After you transmit returns, you can download the form copies from TaxBandits Print Center.

Q. What payment options are available to pay the IRS for 94x filing?

A. If you owe any tax to the IRS when filing 94x forms, you can opt for payments to the IRS through one of the following methods:

  • Electronic Funds Withdrawal (EFW)
  • Electronic Federal Tax Payment System (EFTPS)
  • Credit/Debit Card
  • Check, or Money Order

Q. Who must complete Worksheet 1 of 941?

A. If you are an employer who files Form 941 and eligible for credits under CARES Act and Employees Retention Credit, you may have to use Worksheet 1. This Worksheet 1 is a useful tool for calculation when employers want to claim refundable tax credits due to COVID-19. You can calculate the following COVID-19 related tax credits using the worksheet.

  • The sick leave credits
  • The family leave credits
  • The employee retention credits

This worksheet helps you in determining refundable and non-refundable portions of the above credits. The Worksheet 1 is built into TaxBandits Form 941 filing flow for easy calculation.

Q. Who needs to file Schedule B?

A. Form 941 Schedule B is the IRS tax form used by the semiweekly schedule depositor to report tax liability, including federal income taxes and FICA. Whether you have to file Schedule B or not depends on your deposit schedule. If any of the following criteria applies to you, you are a semiweekly depositor and liable to complete Schedule B with Form 941.

  • The employment or payroll taxes in the previous lookback period are more than $50,000.
  • Or, the aggregated tax amount is $100,000 or higher on any day in the current or past calendar year.

Q. What are errors I can correct using Form 941-X?

A. Using Form 941-X, you can correct errors on your previously filed 941 forms. You can correct:

  • Wages, tips, and other compensation
  • Income tax withheld from wages, tips, and other compensation
  • Taxable social security wages
  • Taxable social security tips
  • Taxable Medicare wages and tips
  • Taxable wages and tips subject to Additional MedicareTax withholding
  • Errors on the attached Form 8974, Qualified small business payroll tax credit for increasing research activities
  • Credits for COBRA premium assistance payments

Q. How will I know if the IRS has accepted or rejected the return?

A. When you E-file and transmit your returns through TaxBandits, we will send an email about your return filing status and whether the return was accepted or rejected by the IRS. You can also log in to your TaxBandits account to review your processed return details.

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