Does ExpressEfile support the revised Form 941 with tax relief changes for COVID-19?
33 views | Last modified 10/8/2020 6:49:30 AM EST | Added by ExpressEfile Team

Applicable To
941 1099 / W-2 2290

Yes, ExpressEfile supports the revised Form 941 with related changes to COVID 19. Due to COVID-19, the IRS released a revised Form 941 which includes additional entries to report and reconcile tax credits.

With ExpressEfile, you can file the most up-to-date Form 941 with the IRS.

The revised Form is available for use from the 2nd quarter of 2020. The included fields in the part one of Form 941 for COVID-19 requires employers to provide information of:

  • Qualified sick leave wages (line 5a(i));
  • Qualified family leave wages (line 5a(ii));
  • The non-refundable portion of tax credits as calculated in Worksheet 1 (lines 11b and 11c);
  • The deferred amount of the employer share of social security tax (line 13b);
  • The refundable portion of tax credits as calculated in Worksheet 1 (lines 13c and line 13d); and
  • Advances received from filing Form 7200 for the quarter (line 13f).

Other new entries in part three of Form 941 require employers to provide information with:

  • Qualified health plan expenses allocable to qualified leave wages under the FFCRA (lines 19 and line 20);
  • Qualified wages for the employee retention credit under the CARES Act (line 21);
  • qualified health plan expenses allocable to qualified employee retention credit wages (line 22);
  • Credit received from filing Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans, for the quarter (line 23); and
  • Qualified wages for the employee retention credit and allocable health plan expenses paid during the first quarter from March 13 through March 31, 2020, to be used only on the second-quarter filing of Form 941 (lines 24 and 25).

The IRS has also revised Form 941 for quarter 3, 2020, to accommodate the changes related to deferment of the employee portion of social security taxes. The change has been made due to the announcement that allows employers to defer the employee portion of social security taxes for the qualified wages paid between September 01 and December 31, 2020. There are changes in 4 lines of Form 941: Line 1, 13b, 24, and 25.
 

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