Does TaxBandits support the revised Form 941 with tax relief changes for COVID-19?
410 views | Last modified 7/6/2020 5:58:56 AM EST

Applicable To
94X 1099 W-2 ACA W-4

Yes, revisions to Form 941 and its related schedule, Schedule R, based on the final instructions released by the IRS in June 2020 for Covid-19 tax relief reporting is now available in TaxBandits

We now have a seamless, form-based filing flow that will help you file the revised Form 941 in minutes. To facilitate the calculation of the credit for qualified sick and family leave wages, and the employee retention credit, to be reported on Form 941 Worksheet 1 is available.

The revised Form 941 will allow the reporting of these credits:

  •  Qualified leave wages
  •  Employee retention credit
  •  Advance payment of credits
  •  Deferred payment of employer tax 

There are no revisions to Form 941 Schedule B, used by Semiweekly Schedule Depositors to report Tax Liability. However, the IRS has revised the instructions for Schedule B to provide guidance on how to report adjustments for tax liability on Form 941 for:

  •  Qualified business payroll tax credit for increasing research activities
  •  Qualified sick and family leave wages 
  •  Employee retention credit

On Schedule R, the number of columns has increased from 9 to 25 to allow for the reporting of qualified wages for paid leave and employee retention and qualified health plan expenses related to credits and deferred amount of the employer’s share of Social Security tax.

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