ROCK HILL, SC / ACCESSWIRE / July 29, 2024 / The deadline for filing Q2 Form 941 is just two days away. Employers who withhold federal income taxes, Social Security, and Medicare taxes from employees' wages must file this form quarterly.
TaxBandits, an IRS-authorized e-file provider, offers a simple and seamless e-filing solution for businesses, taxpayers, CPEOs, and reporting agents. With TaxBandits, the accuracy of filing forms is enhanced, making the process of filing Form 941 easy and smooth.
Significance of 941 Filing
IRS Form 941 is a crucial quarterly tax form that employers must file. This form reports federal income taxes and both the employer's and employee's share of Social Security and Medicare taxes. Even if there are no taxes to report for the current quarter, it is still mandatory to complete and file Form 941.
Recap: Updates to Form 941 for the 2024 Tax Year
Before filing Form 941, employers should be aware of the notable updates for 2024:
Social Security and Medicare Tax Limits: The Social Security tax rate remains 6.2%, and the wage base limit has increased from $160,200 to $168,600.
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COVID-19 Tax Credits: Several lines related to COVID-19 tax credits have been removed, including:
Lines 5a(i) and 5a(ii)
Lines 11a to 11g
Lines 13a to 13i
Lines 19 to 28
Form Changes: Form 941-SS and Form 941-PR have been discontinued. Instead, Form 941(sp) in Spanish should be used.
TaxBandits' Exclusive Features for Simplifying 941 E-Filing
TaxBandits offers advanced features to increase the efficiency and accuracy of filing Form 941, making it a time-saving tool for tax professionals and small business owners. These features include:
Copy Return: Allows copying specific data from previously filed Form 941 returns.
Bulk Upload: Clients can easily file 941 online in bulk using 941 Excel templates.
Zero Reporting: If there are no taxes to report for the quarter, zero taxes can be filed using this feature.
941 Schedule B: Supports Form 941 Schedule B for semi-weekly depositors.
941 Schedule R: CPEOs and reporting agents can file Form 941 Schedule R to report aggregate tax information for multiple clients.
Easy E-sign: Clients can e-sign Form 941 effortlessly using an Online Signature PIN or Form 8453.
Built-in Error Checks: Validates forms based on IRS business rules to reduce errors.
Two-Factor Authentication: Provides an extra layer of protection for securing client information.
API for 941 Automation
TaxBandits developer-friendly API allows businesses and software providers to automate 941 forms directly from their applications or portals. Clients can seamlessly integrate their application with TaxBandits API Integration and facilitate a streamlined way to manage 941 compliance.
Enhanced Data security and Fraud prevention
TaxBandits is a SOC 2-certified e-file provider that follows standard security protocols to safeguard sensitive information. Additionally, TaxBandits offers two-factor authentication to protect the client's information and prevent unauthorized account access to the application. Before filing the returns, the software undergoes an identity verification process to prevent identity theft, data breaches, and fraudulent tax claims.
When asked about the 941 e-filing features, Agie Sundaram, CEO and Co-founder of SPAN Enterprises (parent company of TaxBandits), responded."With the deadline just two days away, the TaxBandits team is ready to help business owners and tax professionals meet their last-minute filing needs with ease. Our simple filing process, streamlined features that save time, and excellent live customer support ensure a smooth experience."
About TaxBandits:
TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in various tax forms such as Form 941, Form 940, Form 1099, Form W-2, Form 1095-C, Form 1095-B, and Form W-9. Serving businesses, service providers, or tax professionals of every shape and size, TaxBandits offers a complete solution that fulfills all filing needs.
BOI Reporting Solution
In addition to tax filing services, TaxBandits offers a comprehensive solution for business and tax professionals to meet their FinCEN Beneficial Ownership Information (BOI) reporting requirements.
Through TaxBandits, clients can easily prepare and submit various BOI reports, including Initial, Corrected, Updated, and Newly Exempt Entity reports. Additionally, clients who file their BOI reports through TaxBandits can make free corrections or updates within one week of the original submission date.
API Solution
TaxBandits provides another advantage for high-volume filers and software providers. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms and BOI reporting. Use the developer-friendly 1099 API to request W-9 and automate efficient filing.
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 company's portfolio includes Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For media inquiries, please contact:
Stephanie Glanville
Marketing Manager, SPAN Enterprises
stephanie@spanenterprises.com
SOURCE: TaxBandits
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