IRS Form 941 Schedule B
for 2024

Form 941 Schedule B should be filed to report the tax liability of semi-weekly schedule depositor along with Form 941 which reports federal income taxes withheld from the employee's wages and employer and employee portion of social security and Medicare taxes. Every quarter the employer has to report the withholding information in Form 941 Schedule B.

Employers should not use Schedule B to show the federal tax deposit.

All employers don't need to file IRS Form 941 Schedule B. If the employers satisfy the following tax liability categories, they must file Schedule B.

Reported employment taxes more than $50,000 in the lookback period. Acquired $100,000 tax liability or more during any single day in the current or previous calendar year.

You need to complete Schedule B (Form 941) if you are a semiweekly schedule depositor. It will let the IRS know your business wages and related withholdings.

You can complete Schedule by two different types as follows:

• You can file Form 941 and Schedule B electronically through IRS certified e-file providers in a few minutes.
• If you choose paper filing, complete Form 941 and Schedule B and mail it to the IRS.

If you paper file your return, you will not know the filing status. Employers can easily
e-file Form 941 along with Schedule B. And you will get the filing status instantly. ExpressEfile offers the lowest price ($5.95). E-file Now

• The Social Security wage base limit has been raised to $168,600.
• Social Security and Medicare taxes now apply to Household workers earning $2,700 or more. Similarly, Election workers who receive $2,300 or more in cash or its equivalent form of compensation.
• Businesses will no longer be able to claim COVID-19-credits for qualified sick and family leave wages on Form 941.
• Form 941-SS and Form 941-PR are to be discontinued. Instead, Form 941 can be used for filing or new Spanish Form 941 (sp) can be used.

Visit https://www.taxbandits.com/revised-form-941-changes-for-2024/ for more detailed information on changes in Form 941 for 2024.

No specific deadline is fixed for 941 Schedule B by the IRS. However, it has to be filed with your Form 941 according to the quarterly deadline.

If you have failed to file 941 Schedule B, the IRS will not be able to calculate the exact penalty rates. Thus, the IRS will impose an average FTD penalty. It will be calculated based on the total tax liability reported in Form 941, line 12.

The IRS has revised Form 941 for Q2, 2021. The American Rescue Plan Act of 2021 (ARP), signed into law on March 11, 2021, includes relief for employers and their employees during COVID-19. As always employers need to report COVID-19 credits on Form 941, so the IRS has updated the form to reflect the ARP.