Get Answers Support Payroll Taxes and Forms Payroll Tax Forms What are the penalties for not filing Form 941? If you fail to file Form 941 within the deadline. IRS levies an initial penalty of 5% of the unpaid tax for each month. Penalty for continued failure will cause additional penalty of 5%. It can range upto 2% to 15%. Was this helpful? Yes No Need more help? Get in touch with our dedicated support team Contact Us (704) 684-4751 support@taxbandits.com Sign Up for a FREE TaxBandits Account! The Smart CPA Choice Register Now Already have an account? Sign in