ROCK HILL, SC / ACCESSWIRE / March 21, 2023 / March 31, 2023, marks the end of the first quarter of the 2023 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 2023 falls on May 1, 2023.
Form 941 is used to report the social security, medicare, and income taxes withheld from employee wages and deposited to the IRS. Since this is a quarterly form, there are four deadlines that employers are required to meet. Employers are required to file this form on a quarterly basis.
Form 941 for Q1, 2023 is Available
While this deadline may seem far off, employers that have all of their filing information available can benefit by getting their filing out of the way early. They can do this with the help of TaxBandits, an industry-leading IRS e-file provider. Form 941 for Q1 of 2023 is now available in the TaxBandits application to help their clients get a headstart on their quarterly filing requirements.
Changes to Form 941 for Q1
The IRS Revised Form 941 for the upcoming quarter, and employers and tax professionals need to be aware of these changes. The first line of the form has been updated to include the pay period (March 12th) for the first quarter. There has also been a slight change to Line 5a for the 2023 tax year. The wage base limit for social security is $160,200 for the 2023 tax year.
Updates to Form 8974 Payroll Tax Credits
Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities, which certain employers are required to attach to their Form 941 has also undergone some changes effective in the upcoming quarter. These changes are in response to the Inflation Reduction Act of 2022.
For tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 increases this amount 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.
To reflect this, Line 12 of Form 8974 has been updated. In previous quarters it has been "Credit", now it is the ‘Credit against the employer share of social security tax'.
Additionally, Lines 13 -17 have been introduced to the form for the first quarter of 2023 and beyond.
TaxBandits: Simplified 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
- 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)
Create a free account at TaxBandits to e-file Form 941 2023.
When asked about these upcoming quarterly filings 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."
Create a free account at TaxBandits to e-file Form 941 for the first quarter of 2023.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099 Form, Form W2, 1095-B, 1095-C, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at stephanie@spanenterprises.com.
SOURCE: TaxBandits
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