Does TaxBandits support the revised Form 941 with tax relief changes for COVID-19?
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Last modified 4/12/2021 1:10:39 AM EST
Yes, TaxBandits supports the revised Form 941 with COVID-19 related changes. Beginning in the second quarter of 2020, the IRS has released many revised versions of the Form 941. TaxBandits supports all of the most recent updates to Form 941.
Changes to Form 941 for Q2 of 2020
For the second quarter of 2020, 13 lines were included to accommodate the COVID-19 related changes. Those new lines included 5a(i), 5a(ii), 11b, 11c, 13b, 13c, 13d, 13f, 19, 20, 21, 22, 23, 24, and 25.
Changes to Form 941 for Q3 & Q4 of 2020
For the third and fourth quarters of 2020, there were changes to 4 lines. This was because the IRS allowed employers to defer the employee share of Social Security tax on the qualified wages paid between September 1, 2020 and December 31, 2020.
Changes to Form 941 for Q1 of 2021
From the first quarter of 2021, employers are no longer allowed to defer the employee and employer share of Social Security taxes. To accommodate this, the IRS has revised Form 941 and changes can be seen in Line 13b, Line 13e, Line 13g, and Line 24.