Form 941 for Q1, 2024 Is Now Available For E-filing With TaxBandits

*ROCK HILL, SC / ACCESSWIRE / March 21, 2024 /* March 31, 2024, marks the end of the first quarter of the 2024 tax year. This means that the majority of employers will be required to file their quarterly payroll Form 941 with the IRS. The deadline to file Form 941 for Q1 of 2024 falls on April 30, 2024.

Form 941 is utilized to report the Social Security, Medicare, and income taxes withheld from employee wages to the IRS. As this form is filed quarterly, employers must adhere to four deadlines throughout the tax year. Employers must file Form 941 every quarter.

*Form 941 for Q1, 2024 is Now Available*

Although this deadline may seem distant, employers who have all their filing information ready can benefit by completing their 941 filing early. With the assistance of TaxBandits, a top IRS e-file provider in the industry, they can accomplish this. Form 941 for Q1 of 2024 is now accessible in the TaxBandits application, enabling their clients to get a head start on their quarterly filing.

*Form 941 Updates for 2024 Tax Year*

Business owners and tax professionals alike should be aware of these notable changes to Form Form 941 for Q1, 2024:

· The Social Security and Medicare tax limits have been updated.
· Each employer's Social Security tax rate is 6.2%, and the Social Security wage base limit is now $168,600.
· Social Security and Medicare taxes now apply to household workers paid $2,700 or more in 2024.
· Social Security and Medicare taxes now apply to election workers who receive $2,300 or more in cash or an equivalent type of compensation in 2024.
· The most notable change to the 941 draft is the removal of COVID-19-related tax credits for qualified sick and family leave wages. This can no longer be claimed on Form 941.
· Forms 941-PR and Form 941-SS have been discontinued after 2024. Instead, they are being replaced with Form 941 (sp) (Spanish).
·
· There have been several changes to specific lines on the 941 draft. All of these changes reflect the removal of COVID-19-related tax credits:

· Part I, Lines 11a - 11g has been removed.
· Part I, Lines 13a-13i have been removed.
· Part III, Lines 19-28 have been removed.

*TaxBandits: Streamlined E-filing Features for All*

TaxBandits offers advanced features to improve the efficiency and accuracy of filing Form 941:

· Bulk Upload Templates for 941 data
· Form 941 Schedule B for semi-weekly depositors
· Form 941 Schedule R for PEOs, CPEOs, and other 3504 agents
· Volume-based prepaid credits
· Built-in 941 Worksheets
· Automatic Tax Calculations
· Error checks using the IRS Business Rules
· Easy e-signature options (Online Signature PIN or Form 8453-EMP)

When asked about these upcoming quarterly filings CEO and Co-founder of SPAN Enterprises (parent company 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 easy and affordable whether you are filing for a single business or thousands of clients."

Create a free account at TaxBandits to e-file Form 941 for the first quarter of 2024. TaxBandits also supports filing for prior quarters.

*About TaxBandits:*

TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in Form 1099, Form W-2, Form 1095-C, Form 1095-B, Form 940, Form 941, and Fillable W-9. Serving businesses, service providers, and tax professionals, TaxBandits offers a comprehensive solution for year-end filings.

Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add value for their clients and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.

*About SPAN Enterprises:*

Headquartered in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software tools for e-filing and business management for over a decade. The SPAN Enterprises portfolio includes Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.

For media inquiries, please contact:

Stephanie Glanville
Content Writer, SPAN Enterprises
stephanie@spanenterprises.com

*SOURCE:* TaxBandits
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