Reasons you may Receive Form 941 Penalties
1.6k views | Last modified 4/21/2023 7:39:47 AM EST | Added by TaxBandits Team

Two significant 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 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