On Wednesday, April 29th the IRS released a draft revision of the Form 941 for expected use beginning with Q2 2020 filings.
The draft includes a significant increase in the amount of information required on the form. The current version of the form used to file Q1 2020 required 19 rows of data and the April 22nd draft doubles that number to 38 rows.
The increased complexity of the form is a result of the need to account for:
- Payroll tax credits for the cost of providing qualified sick leave to employees
- Payroll tax credits for the cost of providing qualified FMLA to employees
- Employee retention payroll tax credits
- Deferral of the employer portion of social security
While it is still a draft form and subject to change, this release provides a glimpse into the future reporting requirements for employers and payroll providers.
HCP provides the information in this blog for general guidance only. The content does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other advisers. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied.