MUST WAIT TO FILE 2ND QTR FORM 941

[Lee B]

The IRS just released a new draft version of Form 941 yesterday which is effective 6/21.

The final version will not be available until July 12th or later, after which software providers will finalize the necessary changes.

[BulldogTom]

1 hour ago, cbslee said:

The IRS just released a new draft version of Form 941 yesterday which is effective 6/21.

The final version will not be available until July 12th or later, after which software providers will finalize the necessary changes.

Good to know.   I was going to file my return this weekend.

Tom
Modesto, CA

[Medlin Software, Dennis]

The draft version was published about a month ago.  The final version was published early this morning.

[Lee B]

Well I guess this will depend on your payroll software provider.

Payroll Relief, which I use for my 2 largest clients says they will not have the updated 941 available until the week of July 12th.

Medlin, which I use for all of my smaller clients just made the updated form available this morning.

[Medlin Software, Dennis]

The only change from the draft form was a slight lowering of the 11c line.  I spent several days trying the different combinations to make sure the items are added/subtracted as needed.

The instructions are much more complicated, more worksheets, etc.  For those with a normal payroll, the changes are nothing to worry about.  "Normal" even includes ERC.  Complications can arise if any of the Q1 FFCRA amounts were not paid in a timely fashion.  Form 7200 seems pointless, as it does not seem to be processed as soon as expected (I do not suggest bothering with 7200).

There is a new field for certain COBRA assistance.

The "refundable" vs "non refundable" items are more complicated, as how they are calculated changed for Q2, and will change again for Q3.  Not a huge deal as the end result is still the same (same eventual credit amount), but will no doubt cause consternation among some employers as to whether or not they get the proper credit.