What are the COVID-19 changes in 2020 Form 941?
371 views |
Last modified 2/28/2022 6:28:58 AM EST
The IRS released a new Form 941, Employer’s Quarterly Federal Tax Return for 2021, and updated instructions to reflect the effects of COVID-19. The updated new form 941 addresses the economic impacts of COVID-19 by allowing qualifying employers to defer deposits on their payroll taxes, apply for Payment Protection Program (PPP) loans, obtain employment tax credits, and claim payments towards advance credits.
Employers will be required to use the 2021 Form 941 when submitting their 941 quarter filing to the IRS. The deadline to file the fourth-quarter Form 941 is January 31, 2022.
Click here to learn more about 2020 Form 941 for COVID-19 changes.