IRS Form 941 (Quarterly Payroll Tax Return) — Definition Glossary

Defined by Sarah Mitchell, CPA | Reviewed by: James Okafor, EA

Full Definition

IRS Form 941 is the Employer’s Quarterly Federal Tax Return, filed by businesses to report wages paid to employees and the taxes withheld and deposited. It covers Social Security tax (6.2% employer + 6.2% employee), Medicare tax (1.45% employer + 1.45% employee), and federal income tax withholding. Businesses must file Form 941 quarterly — by April 30, July 31, October 31, and January 31 of the following year. Failure to deposit the required amounts triggers automatic civil penalties.

Why This Matters for Businesses With Tax Debt

Understanding IRS Form 941 (Quarterly Payroll Tax Return) is essential for any business owner navigating IRS enforcement. This term directly affects the options available for resolving business tax debt — including whether tax debt financing is available, how lien subordination works, and what enforcement the IRS can take.

Related Terms

TFRP, Trust Fund Tax, IRS Failure to Deposit Penalty

Need Help With Tax Debt?

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Type of Tax Debt *-- Select Tax Debt Type --IRS 941 Payroll Tax DebtFederal Tax LienIRS Bank Levy (Active Now)Trust Fund Recovery Penalty (TFRP)State Tax DebtOIC Bridge FinancingMultiple Types

Approximate Tax Debt Amount *-- Select Amount --$10,000 - $25,000$25,000 - $50,000$50,000 - $100,000$100,000 - $250,000$250,000 - $500,000$500,000+

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Sources: IRS.gov; Internal Revenue Code (IRC); IRS Publication 594 (The IRS Collection Process); IRS Publication 1 (Your Rights as a Taxpayer). Tax Funds is a financing marketplace — not a lender, CPA firm, or law firm. This content is for informational purposes only.