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941 payment due dates Form: What You Should Know

What are the IRS tax deposits? If you pay your taxes by the due date, you do not have to apply for an extension. For example, taxes are due January 31, 2023.  For those not paying by the due date, the IRS will send you a Form 1099-INT to report the taxes deposited and any interest incurred. The information in the Form 1099-INT is not an extension of time to file.  When do you have to file? If your payments are received or deposited on time (i.e., by April 30th, July 31st, October 31st, January 31st), you do not have to apply for an employment tax extension or claim an exemption. However, you cannot file your return for the tax year you are reporting on the Form 941, unless you file a corrected tax return with a correct Form 941 that uses the correct payee and reporting method. What can you expect if the IRS discovers a late tax? Do not pay interest on your late taxes until you file your tax return and pay the taxes by the due date.  What if you're not paid during the month the payment is due? The IRS will issue a Form 955, Interest on Back Tax Withheld for Failure to Pay. Pay attention to this:  You can only claim the interest for a short period of time. If your taxes are withheld for more than 14 days (see below), you may be required to file a tax return that includes a summary of the withheld amounts, income, and withholding. What if you miss the tax payment due date? If you make an estimated payment after your paycheck is due, make sure to file your return by the due date!  What if you pay more than 90% of your tax in the month that the payment is due? You may be required to provide additional information to the IRS in order to meet the 90% requirement. There is no set amount of extra information the IRS will require. What if you do not pay the additional amount by the due date? You may have to pay an IRS assessment and interest, if you do not pay the additional assessment and interest in the due date, the IRS can reduce your liability to zero. What's a “Form 955”? The “Form 955” is a statement from the IRS that was issued by the IRS to a taxpayer.

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