Submitted 941 payment to IRS

mlazar · ‎August 03, 2021

When making my 941 payment for July 30, 2021 I inadvertently put in August 30, 2021 instead of August 2, 2021 for the date to have the funds debited from my bank account. The payment was accepted by the IRS. I have read that once the payment is accepted by the IRS there is no way to stop the payment from occurring.

To avoid the penalty, I went onto the EFTPS site and made the tax payment as the last day to pay the tax without penalty was August 2, 2021.

Now I am not sure how to handle this in Quickbooks without the tax payment being reversed. Is there way to cancel the payment and enter the payment I made online at EFTPS in Quickbooks? What do I do about the payment the will be withdrawn from my account on August 30th.

Your help is greatly appreciated.

AlexV · ‎August 03, 2021

Hi mlazar!

Let me help you in handling the 941 payment.

We're unable to cancel federal e-payments through QuickBooks once they are submitted. What we can do is go to the EFTPS website. Click the Payments from the home page and log in. Then, find the payment you first submitted and select Cancel a Tax Payment from the menu.

For more details, please check this link: Cancel tax payments and forms. This will further explain what to do if you need to cancel a tax form or payment.

You may follow these steps on how to manually record the tax payment you've made outside QuickBooks Desktop Payroll:

Go to the Help menu and select About QuickBooks.
Press Ctrl + Alt + Y or Ctrl + Shift + Y keys to open the Setup YTD Amounts window.
Tick Next until the Enter prior payments section.
Select Create Payment to record the payment in the Enter Prior Payments window.
Enter the Payment and For Period Ending dates, then choose the payroll tax item that you've already paid in the Taxes and Liabilities field.
After that, click Next Payment or Finish to complete.

You'll want to check this link: Excel based payroll reports. This will show you the detailed steps on how to generate payroll data reports in Excel.

Keep on posting here if you have additional concerns. I'll help you!

View solution in original post

AlexV · ‎August 03, 2021

Hi mlazar!

Let me help you in handling the 941 payment.

We're unable to cancel federal e-payments through QuickBooks once they are submitted. What we can do is go to the EFTPS website. Click the Payments from the home page and log in. Then, find the payment you first submitted and select Cancel a Tax Payment from the menu.

For more details, please check this link: Cancel tax payments and forms. This will further explain what to do if you need to cancel a tax form or payment.

You may follow these steps on how to manually record the tax payment you've made outside QuickBooks Desktop Payroll:

Go to the Help menu and select About QuickBooks.
Press Ctrl + Alt + Y or Ctrl + Shift + Y keys to open the Setup YTD Amounts window.
Tick Next until the Enter prior payments section.
Select Create Payment to record the payment in the Enter Prior Payments window.
Enter the Payment and For Period Ending dates, then choose the payroll tax item that you've already paid in the Taxes and Liabilities field.
After that, click Next Payment or Finish to complete.

You'll want to check this link: Excel based payroll reports. This will show you the detailed steps on how to generate payroll data reports in Excel.

Keep on posting here if you have additional concerns. I'll help you!

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Submitted 941 payment to IRS

Submitted 941 payment to IRS

Submitted 941 payment to IRS

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