If you deposited all your payroll taxes on time, you have until May 12, 2025, to file Form 941 for Q1, 2025. E-file now! E-File IRS Form 941 (sp) Online E-file 941 SP Now IRS Form 941 (sp) Replaces Discontinued Form 941-SS and 941-PR According to the new IRS announcement, Form 941 SS & Form 941 PR will no longer be available for tax year starting after 2024. Instead, employers who belong to the U.S. Territories(American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands) can report their taxes in “Form 941”, or if you prefer your Form and instructions to be in Spanish, you can report your taxes using “Form 941 SP” for 2024. File 941 SP Now How to File Form 941 SP Online with TaxBandits? 1 Choose Tax Year & Quarter 2 Enter Social Security & Medicare Taxes 3 Enter Deposit Schedules & Tax Liability 4 Choose IRS Payment Methods 5 Review your Form 941 SP 6 Transmit your Form 941 SP to the IRS Choose the tax year and quarter for which you need to file your 941 return. TaxBandits supports filing returns from previous tax years. Enter tax details such as federal taxes, Medicare and Social Security taxes, etc. Enter all the necessary information such as Tax Responsibility, deposit schedule and others. Choose your preferred payment methods such as EFW, EFTPS, credit card, check or money order. Review the completed form and make changes if necessary. After completing and reviewing the form, transmit it to the IRS. E-file 941 SP Now How to E-File Form 941 (sp)? Benefits of Filing Form 941 SP Online with TaxBandits Supports Form 941 Schedule B TaxBandits offers filing of Form 941 Schedule B for semi-weekly depositors to report their tax liability and transmit it directly to the IRS along with Form 941 SP. Zero Reporting If an employer has no taxes to report for a particular quarter, with TaxBandits, they can choose zero reporting in Line 2b to file the return as a zero return. Form 8453 EMP TaxBandtis helps ERO to use 8453 EMP or 8879 EMP to e-sign Form 941-SP with the IRS. Upload data using Excel To reduce the time it takes to manually input your Form 941-SP data, use the TaxBandits bulk upload template. File Form 941 (sp) Now PRO Features - Exclusive for Tax Professionals! Client Management Client Management helps CPAs, Tax professionals, and business owners manage their clients more effectively. Specifically, it allows you to invite clients to a separate portal and communicate with them for any tax filing-related queries. Staff Management As an advanced system, staff management increases the accuracy of your workflow by ensuring that staff members have access to the information they need to perform their job responsibilities and that their roles are clear. Automated Reports Our reporting feature in TaxBandits simplifies tax compliance and financial reporting for businesses and organizations, enabling them to stay organized, accurate, and up-to-date. Record-Keeping As the IRS requires, all the Form copies are stored on our secure HIPPA-compliant server for up to 7 years. You can always log in to your TaxBandits account and download or print copies of the form anytime. More Features Frequently Asked Questions on Form 941 (SP) Filing What is Form 941 SP? Form 941 (SP) is the Spanish-language version of Form 941, the Employer's Quarterly Federal Tax Return. Employers in the United States use Form 941 to report their federal income taxes, Social Security, Medicare, and FICA taxes. Form 941 (SP) serves the same purpose as Form 941 but is provided in Spanish. It includes all the necessary sections and instructions to be translated into Spanish, allowing employers to report their employment taxes accurately. Who needs to file Form 941 (sp)? Employers in the U.S. Territories and Puerto Rican have to report their Federal Income, Social Security, Medicare, and FICA taxes on Form 941 SP for 2024. However, if you are looking to report taxes for prior tax years, use Form 941 PR & Form 941 SS. Note: The IRS has announced that Form 941 PR & Form 941 SS will no longer be available for 2024. What Information is Required to File 941 SP Online? 1. Employer Details Name, EIN, and Address 2. Employment Details Employee Count Employee Wages 3. Taxes and Deposits Federal Income Taxes Medicare and Social Security Taxes Deposit Made to the IRS Tax Liability for the Quarter 4. Signing Form 941 Signing Authority Information Online Signature PIN or Form 8453-EMP When is Form 941 SP due? The due date to file Form 941 SP for the 2025 Tax Year is: Deadline to file Form 941 SP for 1st Quarter 2025 -April 30, 2025 Deadline to file Form 941 SP for 2nd Quarter 2025 -July 31, 2025 Deadline to file Form 941 SP for 3rd Quarter 2025 -October 31, 2025 Deadline to file Form 941 SP for 4th Quarter 2025 -January 31, 2026 What are the Penalties for not filing Form 941 SP? Employers who file Form 941 SP late will be penalized based on the number of days and a specific condition. There are two types of penalties for not filing Form 941 SP with the IRS: FTF (failure to file) and FTP (failure to pay). FTF (failure-to-file): If you fail to file a return when required, there is an FTF Penalty of 5%. The maximum penalty is generally 25% of the tax due. FTP (failure-to-pay): Also, for each whole or part month, the tax is paid late, there is a failure-to-pay (FTP) penalty of 0.5% per month of the tax amount. For individual filers only, the FTP penalty is reduced from 0.5% per month to 0.25% per month if an installment agreement is in effect. Penalty for not depositing the tax due on time: Penalty % Charged for 2% Deposits made 1 to 5 days late 5% Deposits made 6 to 15 days late 10% Deposits made 16 or more days late but before 10 days from the date of the first notice the IRS sent asking for the tax due. These amounts should have been deposited but instead paid directly to the IRS or paid with your tax return. However, see Payment with return, earlier in this section, for exceptions 15% Amounts still unpaid more than 10 days after the date of the first notice the IRS sent asking for the tax due or the day on which you received notice and demand for immediate payment, whichever is earlier. TaxBandits Supports Filing of Other 941 Forms Form 941 Employer's Quarterly Federal Tax Return Form 941 Schedule R Allocation Schedule for Aggregate Form 941 Filers (CPEOs / 3504 Agent) Form 941-PR Form for the Employer's QUARTERLY Federal Declaration Form 941-SS Employer's quarterly federal tax return. Virgin Islands Helpful videos to File 941 (sp) Online Helpful Resources to File Form 941 (sp) Online What is Form 941 Employer’s Quarterly Federal Tax Return, businesses must report the income taxes and payroll taxes. Form 941 (sp) Instructions Read through this article to know how to fill out Form 941 or Form 941 (sp). With this line by line instructions your filing is made simpler. Form 941 (sp) Due Date Form 941 (sp) is generally due by the last day of the month following the end of the quarter. Here find out your quarter deadline. Form 941 Schedule B If you are a bi-weekly depositor, you must complete Schedule B (Form 941) so the IRS can reconcile your company's wages and withholdings and process your tax payments. Form 941 (sp) Penalty The IRS will impose a penalty for failure to file or late filing of Form 941 (sp). Depending on the delay in filing, the penalty accumulates. Check out the penalty rates here. Changes to IRS Form 941 The IRS has revised Form 941, which indicates the discontinuation of Form 941-SS & 941-PR, and introduced a new Form 941 (sp). In addition, it points out that tax credits for Covid-19 can no longer be claimed. Customer success stories TaxBandits Simplified Filings of Payroll Tax Forms 940 and 941 for the Reporting Agent Company Simplified payroll filing for a leading CPA firm with TaxBandits Useful Medium Items for Payroll Forms IRS Issues New Form 941 for 2024: Updates You Should Know About What is Form 941 (sp)? Things you need to know Electronic Filing Mandate for Forms 94x Series: A Guide for Reporting Agents Success begins with TaxBandits The choice of smart entrepreneurs Create a new account X X X X X X X IRS Form 941 Worksheet, 2023 Enter your details to get a free Form 941 Worksheet template for auto-calculating your COVID-19 related tax credits! Subscribe to get auto-reminder about the Form 941 deadlines and regular tax related updates Download Template Now