About 20 new data-entry fields are to be added to Form 941, Employer’s Quarterly Federal Tax Return, to accommodate additional reporting requirements established by federal legislation enacted in response to the conronavirus outbreak.
A draft of the revised Form 941 is to be issued as early as the week of April 18, IRS representatives said April 16 during the monthly IRS payroll industry teleconference.
The revised form is to be used starting with the second quarter of 2020 for reporting data related to the three new refundable payroll tax credits, amounts of employment taxes retained instead of deposited in anticipation ...
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