Draft instructions for the revised Form 941, Employer’s Quarterly Federal Tax Return, for use in the second through fourth quarters of 2021 were released June 2 by the IRS.
The instructions provide guidance on a number of new and changed lines that incorporate the changes from the American Rescue Plan Act.
Five worksheets are included with the instructions, which allow employers to calculate the employment tax credits for qualified sick and family leave wages, the employee retention credit, and the COBRA premium assistance credit for the applicable quarters of 2021. Worksheet 1 covers the credit for qualified sick and family ...
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