New Filing Alternatives for Form 941

The Internal Revenue Service has set a deadline of January 2003 to end both the magnetic tape and the electronic data interchange (EDI) methods of filing for Form 941, Employer's Quarterly Federal Tax Return. In addition, the magnetic tape filing program for Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return will end at the same time.

Instead, the IRS plans to institute an e-file process for both of these forms. Currently, U.S. businesses use the magnetic tape process for filing approximately 1.8 million Forms 941 and 700,000 Forms 940.

The taxing agency is examining e-filing options including proprietary software, XML, and other methods.


Already a member? log in here.

Editor's Choice

Upcoming CPE Webinars

Nov 24This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Dec 3The materials discuss the concepts and principles in the AICPA’s new special purpose framework.
Dec 9A key component to improving your firm’s workflow efficiency while enhancing your profitability at the same time is how you leverage emerging technologies.
Dec 9Kristen Rampe will cover how to diffuse the tension in challenging situations in this one-hour webinar.