As a single member S Corporation, do I need to file 941 every quarter? I think I missed the 7/31 deadline. Is there any penalty for filing late?

ANSWER

The BIDaWIZ Team's Answer:

Yes, you need to file form 941 if you pay yourself a salary and withhold taxes. Generally, IRS Form 941 Instructions require that you file for the form if wages were paid, tips were received by employees, federal income tax was withheld, and employer and employee shares of Medicare and Social Security taxes were withheld. If you fail to file the payment penalties are as follows for form 941 under IRC Section 6656: 2% if 1 to 5 days late; 5% if 6 to 15 days late; 10% if more than 15 days late (there is little incentive to pay until demand is made once this level is reached); and 15% if not paid within 10 days of notice and demand by the IRS. You may request an abatement if you can show that there is reasonable cause and a lack of willful neglect.