Updated July 14, 2015
What is the EFTPS 941 quarterly report?
EFTPS is The Electronic Filing Taxpayers System. It is primarily used for the payment of federal payroll taxes, but can also be used for most other federal tax payments. The 941 is the form used to document and sometimes pay your federal payroll taxes. This form is due quarterly. The EFTPS handles millions of dollars every day from hundreds of thousands of employers and taxpayers. Just given the vast numbers being handled by the system, there are going to be problems. What happens when you are one of those problems? A public accounting firm like ours is the only thing standing between the government and your money.
When is the 941 due?
The Federal Payroll Tax Return is due 30 days after the end of the quarter. When the first quarter ends March 31st, the 941 is due by the end of April. When the second quarter ends on June 30th, the 941 is due by the end of July.
What happens if you do not file your 941 inside the proper time period?
Penalties.
What happens if you do not make your payroll tax deposits timely?
Penalties and Interest.
If you are having problems with your EFTPS 941 Quarterly Report or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
Chris@AccountingSolutionsltd.com
Additional Accounting Articles and information on my firm can be found at
www.AccountingSolutionsLtd.com
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.
773-267-7500
chris@accountingsolutionsltd.com
