Schedule B Form 941 960311 Report of Tax Liability for Semiweekly Schedule Depositors Rev. January 2014 OMB No. 1545-0029 Department of the Treasury Internal Revenue Service Employer identification number EIN Report for this Quarter. Check one. 1 January February March Name not your trade name 2 April May June Calendar year 3 July August September Also check quarter 4 October November December Use this schedule to show your TAX LIABILITY for the quarter DO NOT use it to show your deposits. When...you file this form with Form 941 or Form 941-SS DO NOT change your tax liability by adjustments reported on any Forms 941-X or 944-X. You must fill out this form and attach it to Form 941 or Form 941-SS if you are a semiweekly schedule depositor or became one because your accumulated tax liability on any day was 100 000 or more. Write your daily tax liability on the numbered space that corresponds to the date wages were paid* See Section 11 in Pub. 15 Circular E Employer s Tax Guide for details....Month 1. Tax liability for Month 1 Total liability for the quarter Fill in your total liability for the quarter Month 1 Month 2 Month 3 Total must equal line 10 on Form 941 or Form 941-SS* For Paperwork Reduction Act Notice see separate instructions. Check one. 1 January February March Name not your trade name 2 April May June Calendar year 3 July August September Also check quarter 4 October November December Use this schedule to show your TAX LIABILITY for the quarter DO NOT use it to show...your deposits. When you file this form with Form 941 or Form 941-SS DO NOT change your tax liability by adjustments reported on any Forms 941-X or 944-X. When you file this form with Form 941 or Form 941-SS DO NOT change your tax liability by adjustments reported on any Forms 941-X or 944-X. You must fill out this form and attach it to Form 941 or Form 941-SS if you are a semiweekly schedule depositor or became one because your accumulated tax liability on any day was 100 000 or more. You must...fill out this form and attach it to Form 941 or Form 941-SS if you are a semiweekly schedule depositor or became one because your accumulated tax liability on any day was 100 000 or more. Write your daily tax liability on the numbered space that corresponds to the date wages were paid* See Section 11 in Pub. Write your daily tax liability on the numbered space that corresponds to the date wages were paid* See Section 11 in Pub. 15 Circular E Employer s Tax Guide for details. Month 1. Tax...liability for Month 1 Total liability for the quarter Fill in your total liability for the quarter Month 1 Month 2 Month 3 Total must equal line 10 on Form 941 or Form 941-SS* For Paperwork Reduction Act Notice see separate instructions. Check one. 1 January February March Name not your trade name 2 April May June Calendar year 3 July August September Also check quarter 4 October November December Use this schedule to show your TAX LIABILITY for the quarter DO NOT use it to show your deposits....When you file this form with Form 941 or Form 941-SS DO NOT change your tax liability by adjustments reported on any Forms 941-X or 944-X. You must fill out this form and attach it to Form 941 or Form 941-SS if you are a semiweekly schedule depositor or became one because your accumulated tax liability on any day was 100 000 or more.
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How to fill out IRS 941 - Schedule B
Filling out IRS 941 - Schedule B requires gathering essential information about your employment tax liabilities. Follow these steps:
01
Start by entering your business name and Employer Identification Number (EIN) at the top of the form.
02
Complete the liability section, specifying the total tax amounts for the reporting quarter.
03
Indicate the month and corresponding tax amounts in the payment section.
04
Ensure all calculations are accurate to avoid discrepancies that could lead to penalties.
Once all sections are completed, review your entries for accuracy before submission.
About IRS 941 - Schedule B 2014 previous version
What is IRS 941 - Schedule B?
IRS 941 - Schedule B is a form used by employers to report employment taxes. This form provides the IRS with a record of the taxes owed and the amounts that were actually paid throughout the tax period. It serves as an integral component of the IRS Form 941, which summarizes quarterly payroll tax payments.
When am I exempt from filling out this form?
Filing IRS 941 - Schedule B is not necessary for employers who do not have a tax liability that exceeds $100 in any calendar month during the quarter. Additionally, if you do not have any employees during the quarter, you are exempt from completing this form.
Components of the form
IRS 941 - Schedule B consists of two main components: the (1) tax liability per month and (2) total deposits made during the reporting period. Each section requires specific details about the tax obligations and payments made, such as total employment tax liability and any adjustments regarding previous amounts.
What information do you need when you file the form?
When filing IRS 941 - Schedule B, you will need the following information: your Employer Identification Number (EIN), business name, total wages paid during the quarter, tax amounts withheld from employees, and the total federal tax deposits made. Keeping accurate records of this information throughout the quarter will facilitate the filing process.
What is the purpose of this form?
The purpose of IRS 941 - Schedule B is to report the employer's tax liability for each month in the quarter. This ensures that the IRS receives accurate, detailed information regarding the employer's federal tax deposits, keeping track of both the taxes owed and those previously paid.
Who needs the form?
Employers who are required to file IRS Form 941 must also complete Schedule B if they accumulate a tax liability of $100 or more in any month during the quarter. This includes businesses with employees who earn wages subject to federal taxes. Non-profit organizations and governmental units meeting these criteria must also submit this form.
What are the penalties for not issuing the form?
Failure to file IRS 941 - Schedule B when required can lead to substantial penalties. The IRS imposes a penalty of 5% of the unpaid tax for each month the form is late, up to a maximum of 25%. Additionally, interest accrues on any unpaid tax amounts, increasing the financial burden for the employer.
Is the form accompanied by other forms?
IRS 941 - Schedule B is filed alongside IRS Form 941. While 941 summarizes the overall employment taxes for the quarter, Schedule B provides detailed monthly tax liability information, thus helping to harmonize your quarterly reporting obligations.
Where do I send the form?
The completed IRS 941 - Schedule B should be submitted along with Form 941 to the appropriate IRS address, which depends on your location and whether you are including a payment. Refer to the IRS instructions for Form 941 to find the correct mailing address based on your state and filing specifics.
FAQ about IRS 941 - Schedule B
What should I do if I made a mistake on my 941 Schedule B 2014?
If you made a mistake on your 941 Schedule B 2014, you should file an amended return to correct the error. Ensure you indicate that it is an amended return and include any necessary documentation to support the changes. It’s important to address any discrepancies promptly to avoid potential penalties or issues with the IRS.
How can I verify if my 941 Schedule B 2014 was received by the IRS?
To verify the receipt of your 941 Schedule B 2014, you can contact the IRS directly or use their online tools if applicable. You can also check your bank records for payments made if you filed electronically, as this can serve as confirmation of submission.
What are common errors to avoid when filing 941 Schedule B 2014?
Common errors when filing the 941 Schedule B 2014 include incorrect employer identification numbers (EIN), miscalculating tax amounts, and failing to report all required payments. To reduce errors, carefully review all entries and ensure that you have the latest form and instructions before submission.
How long should I retain records related to my 941 Schedule B 2014?
You should retain records related to your 941 Schedule B 2014 for at least four years after the date the tax was due or paid, whichever is longer. Maintaining these records is crucial for any potential audits or inquiries from the IRS.
Can I use a third party or authorized representative to file my 941 Schedule B 2014?
Yes, you can appoint a third-party designee or authorized representative to file your 941 Schedule B 2014 on your behalf. Ensure that they have proper authorization and that you complete any necessary forms to enable them to represent you during the filing process.
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