IRS updates on Revised Final Form 941 for COVID 19

The most recent version of the draft instructions was released by IRS for Form 941, Form 941SS and form 941-PR on June 29-30, 2020. The revised Form 941 includes various additional entries to report and reconcile payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA). The form is expected to be available for use by employers beginning with the second quarter of 2020. IRS Releases 2020 941-SS Instructions, Draft of Form 941-PR: » Revised Forms 941 are to be used starting with the second quarter of 2020 » Forms 941 redesigned to accommodate reporting for virus-related employment tax relief IRS Finalizes Instructions for Form 941, Schedules B, R for Virus Relief: » IRS releases finalized instructions for Form 941 and Schedules B and R » Instructions are used in reporting coronavirus-related employment tax relief IRS Issues Form 941 Clarifications on Empl... Read more

The most recent version of the draft instructions was released by IRS for Form 941, Form 941SS and form 941-PR on June 29-30, 2020. The revised Form 941 includes various additional entries to report and reconcile payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA). The form is expected to be available for use by employers beginning with the second quarter of 2020. IRS Releases 2020 941-SS Instructions, Draft of Form 941-PR: » Revised Forms 941 are to be used starting with the second quarter of 2020 » Forms 941 redesigned to accommodate reporting for virus-related employment tax relief IRS Finalizes Instructions for Form 941, Schedules B, R for Virus Relief: » IRS releases finalized instructions for Form 941 and Schedules B and R » Instructions are used in reporting coronavirus-related employment tax relief IRS Issues Form 941 Clarifications on Employee Retention Credit: » Form 941 was reissued with a clarification on using the employee retention credit » The credit is available as part of the CARES Act » IRS to Expand Form 941 to 3 Pages for FFCRA, Revisions for covid-19 Tax Relief reporting: » About 20 additional data-entry fields are to be added to the form » Schedule R of Form 941 also is to be revised » Deferred Amount of the Employer Share of Social Security Tax » Total Advances Received From Filing Form(s) 7200 for the Quarter » Non-refundable Portion of Employee Retention Credit From Why Should You Attend Businesses typically need to file Form 941 if they have employees and withhold income tax, social security, and Medicare tax from their wages. Specifically, they need to file form 941 to report the following payroll-related amounts. If any of these factors apply to your business, you need to file Form 941. » Wages paid » Tips reported to you by employees » Federal income tax withheld » Employer and employee share of social security and Medicare taxes » Any additional Medicare Tax withheld from employees » Current quarter adjustments to Medicare taxes and social security for sick pay, tips, group-term life insurance and fractions of cents » Small business payroll tax credit Areas Covered in the Session » 941 Basic Requirements 1. Reporting Requirements 2. 941 Due Dates 3. Electronic Filing 4. Signing Requirements » Line by line review » 2020 Updates » COVID-19 Tax credits and Form 941 » Schedule B requirements and tips » 941 and W-2’s at year-end 941-x forms and how to deal with them » IRS Notices, disputes and how to deal with them. » Reconciliation of Form Who Will Benefit » Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel » Human Resources Executives/Managers/Administrators » Accounting Personnel » Business Owners/Executive Officers/Operations and Departmental Managers » Lawmakers » Attorneys/Legal Professionals » Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues To Register (or) for more details please click on this below link: https://bit.ly/38Nk9UT Email: support@abideedict.com Toll Free No:1-844-511-8858 Tel: +1-913-871-1466