E-file Form 941 SP for the 2024
Tax Year
IRS Form 941 (sp) Replaces Discontinued Form 941-SS and 941-PR for 2024
According to the new IRS announcement, Form 941 SS & Form 941 PR will no longer be available for the 2024 Tax Year. 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.
How to File Form 941 SP Online with TaxBandits?
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.
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.
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.
Frequently Asked Questions on Form 941 (SP) Filing
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.
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.
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
The due date to file Form 941 SP for the 2024 Tax Year is:
- Deadline to file Form 941 SP for 1st Quarter 2024 -April 30, 2024
- Deadline to file Form 941 SP for 2nd Quarter 2024 -July 31, 2024
- Deadline to file Form 941 SP for 3rd Quarter 2024 -October 31, 2024
- Deadline to file Form 941 SP for 4th Quarter 2024 -January 31, 2025
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
Helpful videos to File 941 (sp) Online
Helpful Resources to File Form 941 (sp) Online
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