Your Form 941 Checklist for the Second Quarter of 2022

Tips for simplifying your filing process!

Summer is a busy season, and we know that you are enjoying the time that is left. We also know it can be easy to lose track of time and forget your IRS filing requirements. 

We want to remind you that the quarterly Form 941 is coming up in just a few days!

Don’t worry, the TaxBandits team is here to help you! We are bringing you a checklist to help you complete your Form 941 and get back to what you would rather be doing, like packing for your summer vacation!

Make Note of Form 941, Q2 Updates 

First things first, there are a few updates to the form since last quarter. Being aware of these changes will help you file accurately for Q2. Here is a quick overview of them:

All of the lines used to report information about the COBRA premium assistance credit have been revised. The following lines are now “Reserved for Future Use”:

  • Line 11e: Non Refundable portion of COBRA premium assistance credit (see instructions for the applicable quarter). 
  • Line 11f: Number of individuals provided COBRA premium assistance
  • Line 13f: Refundable portion of COBRA premium assistance credit (see instructions for the applicable quarter)

Some lines have been updated to exclude the lines above. This includes the following:

  • Line 11g: Total nonrefundable credits. Add lines 11a, 11b, and 11d.
  • Line 13g: Total deposits and refundable credits. Add lines 13a, 13c, and 13e.

Will you need to use 941 Worksheets? 

There are only two worksheets for Q2, these should be used by employers that need to calculate and claim credits for applicable wages paid in previous quarters.

  • 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 

941 Q2 Filing Information

This quarter, you will need the following information before you sit down to e-file your form with TaxBandits. 

  • Wages paid
  • Tips that your employees reported to you (if applicable)
  • Federal Income tax you withheld from your employees’ paychecks
  • The employer and employee share of social security and Medicare taxes
  • Qualified small business tax credit for researching activities
  • Deposit schedule information 
  • Tax liability for the quarter
  • Nonrefundable and refundable portions of qualified sick and family leave wages claimed in previous quarters, if applicable. 

Save Time with TaxBandits 941 Features

With the help of TaxBandits’ simple and secure e-filing process, you can complete Form 941 in minutes! Are you a tax professional filing across multiple EINs for your clients? N You can upload all your clients’ 941 information at once using the TaxBandits Bulk Upload Templates. 

Whether you are a business owner, tax professional, or even a reporting agent, be sure to stock up on prepaid credits. These credits allow you to save time during the e-filing process by skipping the checkout. They are also volume-based to save you money. 

Are you ready to start e-filing Form 941 for the first quarter of 2022? Create your free TaxBandits account today to get started! 

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