Form 941 For Q1, 2023 Is Due In A Week, Meet The IRS Deadline With TaxBandits

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ROCK HILL, SC / ACCESSWIRE / April 24, 2023 / The deadline to file Payroll Form 941 for the first quarter of 2023 is just a week away. For businesses, tax professionals, and service providers, TaxBandits offers an efficient and secure e-file solution. With time-saving features and built-in error checks, filing any volume of Form 941 with TaxBandits is a seamless process.

TaxBandits supports Form 941, as well as Form 941-PR, 941-SS, and 941 Schedule R for aggregate filers. Businesses are required to file Form 941 to report the amount of taxes withheld from their employees’ wages throughout the quarter. Oftentimes these forms are filed by CPAs and service providers on their client’s behalf.

Updates to Form 941 for Q1, 2023

There are a few updates that may affect businesses filing Form 941 for the first quarter of 2023. The wage base limit for social security is $160,200 for the 2023 tax year.

There have also been some updates to Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities. Employers can attach this form to their Form 941 to claim this tax credit.

For the tax years after December 31, 2022, the Inflation Reduction Act of 2022 increases the amount that can be claimed from $250,000 to $500,000. Beginning in 2023, the credit will first reduce the employer’s share of social security up to $250,000 per quarter, and any remaining credit will be applied to the Medicare tax.

TaxBandits Supports 941 Attachment Forms and Worksheets

TaxBandits supports the forms that employers may need when completing their quarterly 941:

941 Schedule B
Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities
Form 941-V (Payment Voucher)
Worksheets 1 and 2

TaxBandits Supports Form 941, Schedule R

Completing Form 941 Schedule R can be a tedious process for aggregate filers. TaxBandits offers an easy bulk upload feature to simplify this for CPEOs, PEOs, and 3504 reporting agents. This allows providers to upload their clients’ form information in large batches.

TaxBandits also supports prior year filing of Form 941 for 2022 , 2021, and 2020.

Simple E-signature Options

TaxBandits clients have the option of using the 94x Online Signature PIN that the IRS has provided them. Employers that don’t have an Online Signature PIN can e-sign Form 941 using the 8453-EMP as an alternative. In the meantime, they can apply for an IRS Online Signature PIN for free through TaxBandits.

Excellent Customer Support

TaxBandits clients have access to a dedicated live customer support team based in Rock Hill, SC. Their experienced team is available to assist clients throughout the filing process via phone, email, and live chat.

When asked about the upcoming 941 deadline, CEO and Co-founder of TaxBandits, Agie Sundaram, responded by stating, “TaxBandits leads the industry as an IRS-authorized e-file provider because we offer excellent features and customer support that simplifies the e-filing process. With TaxBandits filing Form 941 is simple and affordable whether you are filing for a single business or thousands of clients.”

Businesses, tax professionals, and payroll providers of all sizes can begin e-filing Form 941 at www.taxbandits.com.

About TaxBandits

The Form 1099 and Form W2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of Forms 1099, W-2, Form 1095, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.

About SPAN Enterprises

SPAN Enterprises is the parent company of TaxBandits and a variety of other business management and e-filing applications. Located in the small city of Rock Hill, SC, SPAN Enterprises proves that big ideas grow in small towns.

With existing Business Management and E-filing Applications such as 123PayStubs, TruckLogics, ExpressTruckTax, and Tax990, SPAN Enterprises is at the forefront of innovative applications. Learn more at https://www.spanenterprises.com/.

For any media inquiries, please reach out to Stephanie Glanville, Content Writer at [email protected].

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SOURCE: TaxBandits