Here are the highlights of Form 941 for the upcoming Q2 deadline.
What is Form 941?
IRS Form 941 is a quarterly form that is filed with the IRS by employers that withhold Medicare, social security, and federal income taxes from their employees’ pay.
Form 941 is used to report the amounts that were withheld, the total wages that the business paid its employees, their tax liability, and the balance due to the IRS. If the business overpaid, this can be reported on Form 941 as well.
Once a business begins filing Form 941 with the IRS, it must continue filing the form each quarter for as long as the business is open. The main exception to this is seasonal employers, while they are required to file Form 941, they are only required to file for the quarters that they are open and paying wages.
Are there any Updates to Form 941 for Q2 2022?
Yes, there are a few changes to the Q2 Form 941 that employers should be aware of. The most notable change to 941 reporting is that there are no longer any COVID-19 tax credits available for employers. The COBRA premium assistance credit, which was the last credit available to employers last quarter, has now expired.
Several lines on Form 941 have been updated or earmarked for future use in response to this. Employers will not need to report the COBRA premium assistance credit amounts this quarter, therefore these lines were not needed.
Are there any 941 Worksheets for Q2?
Yes, there are 2 worksheets available for employers this quarter, compared to 3 worksheets last quarter. These worksheets are only needed for employers that have paid qualified sick and family leave wages during the quarter for leave taken previously. These are the worksheets for Q2:
Worksheet 1: Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2020, and Before April 1, 2021
Worksheet 2: Credit for Qualified Sick and Family Leave Wages Paid This Quarter of 2022 for Leave Taken After March 31, 2021, and Before October 1, 2021
Our e-filing process is simple and streamlined with all of the required updates to the form for Q2. With built-in error checks using the IRS Business Rules and automatic tax calculations, filing an accurate form has never been easier.
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