IRS issued drafts of the 2020 Form 941

The IRS issued drafts of the 2020 Form 941, Employer’s Quarterly Federal Tax Return, and its instructions to be used beginning with the second quarter return (April 1 to June 30) that must be filed by July 31. Form 941 Instructions

Form 941 is an essential form for all employers that pay employees and withhold federal and FICA (social security and Medicare) taxation. With the several COVID-19 legislation being passed that includes tax credits for employers the form 941 will be a key form to claim these credits. In recent years several changes to the 941 form have made it difficult to understand.

Review of Schedule B and the importance of completing it correctly to avert disputes with the IRS. Learn about Employer Retention Tax incentives claims and the new 7200... (read more)