Report Zero Taxes on Form 941 If You Have No Employees or Payroll

How do you report zero taxes on Form 941?

Manually entering zeros on the form can be time-consuming. Using TaxBandits' 941 Zero reporting feature, you can quickly complete your Form 941 without having to go through each page of the form.

• Step 1: Choose the tax year and quarter that you want to file.

• Step 2: Once you choose the appropriate quarter, as usual, you will be redirected to Part 1 of Form 941.

• Step 3: Under your business details, select the "Check here if no payments were made to employees in Q1, 2024" box. A pop-up appears with the following conditions: choose the appropriate box that is applicable to you.

  • Line 17 - Check this box if your business has closed or has stopped paying wages.
  • Line 18 - Check this box if you're a seasonal employer, and you don't have to file a return for every quarter of the year.
  • Part 4: - Check this box if you want another person to discuss this return with the IRS.

    Once you complete these steps, TaxBandits will auto-generate your zero return.

    • Part 1 of Form 941 - Lines 1 to 15 will be marked as zero.
    • Part 2 of Form 941 - The deposit schedule will be set to minimum tax liability since there are no taxes to report.
    • Part 3 of Form 941 - Lines 19 to 25 will be marked as zero.

• Step 4:Review the form summary, and let our system audit the return based on IRS business rules.

• Step 5: Sign the form using Online Signature PIN or Form 8453-EMP. With this signature, you authorize TaxBandits to e-file your Form 941.

• Step 6:Pay for our e-file services and transmit your 941 form to the IRS.

Note: If your business is closed and you’ve selected the appropriate option, this particular return will be considered your final 941 form.

After you transmit the form, you will receive updates from the IRS about your return status. Get started with TaxBandits today!