Are You Prepared To File Your 941?

With 2nd quarter ending soon, are you prepared to file your 941?

Employment Tax

IRS Issues Draft Form 941 and Form 941, Schedule R: Due to the COVID-19 pandemic, legislation has been signed into law that has provided multiple employment-related credits and other tax relief to employers. As a result, the IRS has issued drafts for Form 941 (Employer's Quarterly Federal Tax Return) and its instructions, and Form 941 (Allocation Schedule for Aggregate Form 941 Filers) for quarters ending after 3/31/21 to reflect significant changes in the reporting of employment tax credits. The revised form is available at www.irs.gov/pub/irs-dft/f941–dft.pdf . The draft instructions to Form 941 state not to use an earlier version of Form 941 to report taxes for 2021. Also, don't use the March 2021 revision of Form 941 to report taxes for any quarter ending before 1/1/21 or beginning after 3/31/21. Don't use the June 2021 version of Form 941 to report taxes for any quarter ending before 4/1/21.

Contributed By: Kim Grote | Payroll Manager | DWD CPAs & Advisors