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Schedule B is the IRS report attached to Form 941 that breaks down a semiweekly depositor's federal employment tax liabilities day by day throughout each quarter. Instead of looking at total payroll as a lump sum, the IRS uses this calendar to match exact deposit dates against when those tax obligations hit. If you miss the window, you will incur late-deposit penalties
Schedule B accompanies Form 941 to provide a daily record of tax liabilities for the quarter. It is required for semiweekly schedule depositors and any employer that accumulates $100,000 or more in liability on a single day.
Schedule B tracks when tax liabilities occur based on wage pay dates, not deposit dates or pay period end dates. The IRS uses these details to assess failure-to-deposit penalties.
Listing deposit dates instead of pay dates is a frequent error that triggers unnecessary penalties. Fix errors by attaching a corrected Schedule B to Form 941-X.
Liabilities. It reports tax liabilities based on pay dates, not deposit dates.
Semiweekly depositors and employers with single-day tax liabilities of $100,000 or more. Monthly depositors do not file it.
Attach an updated Schedule B to Form 941-X rather than mailing a standalone schedule.