On September 30, 2020, the IRS updated Form 941, Employer’s Quarterly Federal Tax Return, for the second time in as many quarters to accommodate President Trump’s executive order. Recall, employers use Form 941 to report income taxes, Social Security tax, or Medicare tax withheld from employee’s paychecks. Employers should use this version to file their […]
Damian Karjane
Small Business Update: Trump’s Executive Order to Defer Payroll Taxes
On August 8, 2020, to provide temporary assistance to workers who are facing financial burdens due to the pandemic, President Trump issued an executive order to defer the withholding, deposit and payment of certain payroll taxes until Jan. 1, 2021. On August 28, 2020, the IRS issued Notice 2020-65 (“Notice”) to provide implementation guidance. What […]
10 Facts Employers Need to Know About Payroll Tax Incentives
Recent Covid-19 legislation creates new payroll tax incentives for employers, which fall into two main categories: Payroll Credits and Tax Deferral. All these relief measures were established by the Families First Coronavirus Response Act (Families First Act), enacted March 18, 2020 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020. […]
Important: IRS Finalizes Changes to Payroll Tax Return Form 941
On June 20, 2020, the IRS finalized tax Form 941, Employer’s Quarterly Federal Tax Return, to collect information about the new COVID-19 tax incentives, expanding the form from two to three pages, and adding 58 new data fields (previously 18 total lines). See Appendix I: Summary of COVID-19 Employer Tax Incentives for more information. While the […]
8 Important e-File Tips for Form 941
When people think about October, they usually think about the barrage of beasts, ghosts, and witches that invade city streets and delight passersby with colorful promises of delicious tricks and treats. But for small business owners, the month can be more macabre than merry thanks to complex and time-consuming payroll-tax forms (such as Form 941) […]
