Reasons you may receive 941 penalties
2.6k views | Last modified 5/26/2020 12:58:49 PM EST | Added by TaxBandits Team

Applicable To
94X 1099 W-2 ACA W-4

Two major reasons the IRS may charge you with penalties are:

  • Failing to file Form 941 return
  • Failing to pay payroll taxes

Further to these two, there are other reasons you would need to know so as to avoid common mistakes with the reporting and filing.

  • Filing with incorrect EIN
    • Not providing a valid EIN
    • Incorrect EIN/Using an EIN of other business
  • Failure to deposit payroll taxes
    • Tax not deposited
    • Tax deposited late
    • Tax deposited with incorrect amounts
  • Incomplete 941 Schedule B
     

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