What is IRS Form 941?


Quick Answer

IRS Form 941 is the form used by employers when reporting income taxes, Social Security taxes or Medicare taxes withheld from employees income, says the IRS. Employers who withhold those taxes, and those who pay the employer's portion of Medicare and Social Security tax must use Form 941.

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Full Answer

The IRS imposes four filing deadlines employers must adhere by, explains Turbo Tax. The deadlines are Jan. 31, April 30, July 31 and Oct. 31 of each year. These deadlines fall one month following the end of each quarter. Failure to timely file a Form 941 may result in penalties for each month the return is late.

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