Last Minute IRS Form 941 Filing For Nonprofits

The big IRS Form 941 2018 1st Quarter filing deadline is officially here! If your tax-exempt organizations employ individuals to help carry out the mission of your group, you need to file Form 941 for 2018 by midnight TONIGHT or face major IRS penalties.

If you do not file Form 941 by April 30, 2018, your organization could find itself responsible for paying Form 941 Penalties to the IRS. Avoid IRS penalties by e-filing Form 941 with ExpressTaxExempt’s sister product, TaxBandits.

If you are not ready to file your 941 Form 2018, try not to panic... yet. TaxBandits has a tax filing solution that will not require an all-nighter leaving you looking crazy in the morning.

Time is winding up so let’s tackle last-minute IRS Form 941 filing for nonprofits together!

Last Minute IRS Form 941 Filing For Nonprofits

The 411 on IRS Form 941

Kind of rhymes, right? Well before we start creating a 941 Form 2018 jingle or talk about how to handle filing Form 941 for 2018, let’s review who is required to file and what it entails.

IRS Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes quarterly and assists with calculating the employer’s portion of Social Security and Medicare tax.

The first quarter deadline for this year is April 30 and covers the months of January, February, and March.

E-Filing Checklist

When preparing to file, be sure to go over the Form 941 for 2018 checklist, as the following information is required to complete it:

• Total Employee Count
• Medicare Tax and Social Security
• Deposit Made to the IRS
• Tax Liability (Monthly/Semiweekly)
• Signing Authority Information
• Online Signature PIN or Form 8453-EMP

Steps To E-File Form 941 for 2018

Filing IRS Form 941 2018 with TaxBandits is simple! Just follow these steps to complete your quarterly filing:

1. Sign in or Create your TaxBandits account
2. Select “Form 941”
3. Add employer details
4. Choose tax year/quarter
5. Follow Interview-Style Process
6. Enter the deposit made to the IRS
7. Enter your deposit schedule and tax liability
8. Add your online signature PIN or complete Form 8453-EMP
9. Review, pay and transmit your form directly to the IRS

Signing Form 941 Online

When you file Form 941 online you are required to electronically sign your form before transmitting to the IRS. There are two ways you can do this with TaxBandits. You can use your IRS online signature PIN or use Form 8453-EMP. 

To use Form 8453-EMP simply download it, fill it out, and re-upload it to the system. The entire process only takes about a minute.

Failure-To-File Penalties

Failing to file Form 941 by its deadline can affect an organization negatively. For example, if you fail to file your 941 Form by midnight, your organization will incur a penalty of 5% of the total tax amount due. An additional charge of 5% per month will also be charged for each month that the return is not submitted to the IRS. This fee can accumulate for up to 5 months.

Furthermore, if you failed to pay an owed tax bill, you will initially be charged an additional 5% of the unpaid tax amount. This fee will also increase each month that the payment remains unpaid.

ExpressTaxExempt understands what it takes to run a nonprofit organization and wants to help make handling tax filings one component that you don’t have to be stressed over.

Filing Form 941 with our sister product TaxBandits is easy! Plus, if you need any assistance, our US-based support team is standing by ready to help you.

File IRS Form 941 2018 Before Midnight!

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How To Obtain a Business Tax Exempt Number For Your Organization

Organizations with business tax exemption status through the IRS are allowed to solicit donations and generate revenue for nonprofit purposes. Businesses who are tax-exempt need to know how to obtain a business tax exempt number for your organization.

A number of entities can fall under the business tax exempt category -- charities, schools, community organizations, governmental organizations, and more. In order to apply for 501(c)(3) status, the first step an organization must take is to file a standard entity registration with both the state and the federal government.

Once you’ve received your tax-exempt status, there’s an important number that you’ll need to obtain and use often throughout the existence of your organization.

How To Obtain a Business Tax Exempt Number For Your Organization

Follow These 4 Easy Steps to Receive a Business Tax Exempt Number:

Getting a business tax exempt number is actually fairly simple and can be done in 4 steps:

1) Develop and Organize Your Business

To be considered as an organized entity by the IRS, you must be either a corporation, trust or unincorporated association.

The first major step in developing and organizing your group is to contact your local Secretary of State or even an attorney to be properly formed as an entity and obtain the necessary documentation associated with the development of the organization.

2) Obtain an Employer Identification Number

Tax-exempt businesses all need an EIN; “EIN” stands for Employer Identification Number.  If you’ve ever done anything tax related to a business or organization, you’ve probably heard the familiar acronym “EIN.”

This is number is required for functioning organizations and must be obtained through the IRS; even if the organization does not have employees.

Even tax returns are unable to be filed without an EIN. So this is definitely a “must have!”

3) File For Recognition of Exemption

This step is pretty straightforward. Simply file IRS Form 1023 to apply for recognition of exemption and wait for approval.

Once the application has been approved, an organization [and its EIN] is considered to be tax exempt and recognized as such through the government.

4) Check State Requirements for getting a Business Tax Exempt Number

After you have received your EIN and filed Form 1023, take a few moments to double check the tax exemption requirements for your specific state.

Contact the Department of Revenue or your state government to see if there are any other forms that need to be filed to secure the tax exempt status of your organization.

ExpressTaxExempt is Here To Help

As always, the ExpressTaxExempt team is here to help you as much as possible.

We’re just a phone call, email, or chat away if you ever have any questions or need assistance during any part of the e-filing process.

Feel free to contact our support team of e-file experts at 704.839.2321, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also reach us 24/7 via email with support@ExpressTaxExempt.com.

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Mystery Solved: Exempt Organization Employment & Form 941

When you first think of a nonprofit organization or charity, you initially think that everyone participating is volunteering their time and not on payroll. However, in order to effectively carry out of the work of your organization, it is necessary (at times) to employ individuals to serve as yearly staff. 

Although these employed individuals work for a tax exempt organization, they are not excluded from having taxes withheld from their earnings. Employment taxes are reported to the IRS through Form 941, Employer’s Quarterly Federal Tax Return.

Organizations, charities, and small business owners who prepare payroll checks for the employment of staff are expected to file this form quarterly (four times a year); even if the business does not have employees during select quarters. 

The next quarterly deadline for filing this form is Tuesday, October 31. 

However, exceptions are made for seasonal employees, whose taxes are not required to be filed each quarter.

NOTE: If you have decided to close your business/organization or stop paying wages that would subject you to payroll taxes, your obligation to file quarterly returns can end. This can be done by designating the return for the last quarter that you pay taxable wages as a “final” return at the top of the return.

Information Needed to File

In order to file Form 941, you must report three major things:

1. Number of Employees
2. Total Wages Paid
3. Amount Withheld [to calculate the tax payments owed] 

Payroll records along with any documents supplied by employees with taxable tips will be needed as well. For more information on Social security and Medicare tax, click here.

Filing Form 941

To complete the Form 941 filing process, you must have details about your business readily available, such as your company’s EIN and online signature PIN (preferred). 

To obtain a PIN for your business or organization for FREE, click here. Once you have received your PIN, you can easily complete the simplified filing process. 

HINT: Form 941 can be e-signed through Form 8453-EMP.

We're Here To Help

Calculating and filing your payroll tax information can be stressful and confusing. For that reason, our sister product, ExpressTaxFilings, was created to assist small business owners and exempt organizations with an easy-to-use filing process for annual and quarterly payroll tax needs. ExpressTaxFilings takes pride in providing an accurate, efficient, and secure e-filing process that will save you both time and money. 

If you need any assistance during this straightforward and easy filing process, have no fear! We’re here to help. If you need any assistance give the dedicated, US-based ExpressTaxFilings support team a call anytime, just like you would with ExpressTaxExempt. Both teams are available Monday - Friday from 9 AM to 6 PM EST at 704.684.4751. They’re also available via live chat and offer 24/7 email support at support@ExpressTaxfilings.com.

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