IRS Releases 2024 Form 941, Instructions for Form and Schedule B

Erica Hall02 Sep, 2024Education

IRS Form 941 is vital for employers, used to report and pay federal taxes withheld from employee wages, including FICA taxes (Social Security and Medicare). Recent updates to IRS Form 941 and Schedule B have introduced complexity, making accurate completion crucial to avoid penalties and interest from the IRS. An IRS transcript, which provides a detailed record of your tax return information?including tax liability, payments, and credits?serves as a valuable tool for verifying tax history and addressing discrepancies. With the elimination of COVID-19 credits from the 941 forms starting in 2024, it?s important to understand various tax credit and their impact on payroll taxes management. Mastering these elements helps ensure compliance and minimizes the risk of costly disputes with the IRS.