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What is the purpose of a 941 form?

April 26, 2017Finance form forms income penalties procedures purpose tax

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What is the purpose of a 941 form?

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A 941 form, also known as Form 941, is a tax requirement from an employee-based business owner to the Internal Revenue Service (IRS). 941 forms are anticipated regularly throughout the year. When filed correctly, employers avoid penalties.FunctionA 941 form is used by an employer to report paid wages and tips to employees to the IRS, as well as withheld taxes.FrequencyEmployers are expected to file Form 941 quarterly throughout the year. March, June, September and December mark the ends of each quarter. The due date is the end of the following month.ExceptionsEmployers that have farm or household employees do not need to file a 941 form.