Form 941 is an Employer’s Quarterly Federal Tax Return.  As the title would indicate, the return is filed quarterly, and the return states gross wages paid, federal income tax withheld, social security & Medicare tax withheld, federal tax deposits made and other information.  Form 941 is due on or before the following days for the applicable quarter:

-1^st Quarter (January through March) due on or before April 30^th

-2^nd Quarter (April through June) due on or before July 31st

-3^rd Quarter (July through September) due on or before October 31^st

-4^th Quarter (October through December) due on or before January 31^st (following year)

An important issue related to the Form 941 is federal tax deposits.  These deposits are how the business or employer pays in the withholding taxes to the IRS.  An employer can deposit these taxes on line through the EFTPS, mail payment or through other means.  The important question is, how often or when do I need to make these Federal Tax Deposits?  The frequency depends upon the employer’s payroll liabilities and could be with every payroll, monthly (on or before the 15^th) or with the filing of the 941 tax return.

If you have questions regarding your 941 requirements or other tax issues, please contact The McGuire Law Firm to speak with a tax attorney in Denver.  A tax attorney can assist you with tax and business matters.