Revised IRS Form 941 — Are You Ready For This?

Thursday, July 30, 2020 – A revised IRS Form 941 (Employer’s Quarterly Federal Tax Return) is in effect beginning with the second quarter 2020 filing (due by July 31, 2020). You’ll notice it looks very different from what you have seen before.

Substantial changes have been made to IRS Form 941–changes necessary to account for and reconcile FFRCA and CARES Act Tax Credits, as well as advance payments of such credits using Form 7200.

It’s possible you might qualify for credits that you hadn’t considered–or that you were not aware of–such as employees whom you paid but who could not work because of COVID-19, or who were taking care of sick family members, or needed to stay home to care for children whose daycare was closed due to coronavirus.

LSWG is reviewing and assessing these opportunities with our clients.  If you haven’t already, have a discussion with your payroll service provider to make certain they are aware of–and taking advantage for you–all the employer payroll relief available.