The Internal Revenue Service is planning to require employers to file a significantly expanded Form 941 starting with the second quarter of 2020. The revised Form 941 is to be three pages, up from two, to accommodate about 20 new data-entry fields for reporting information related to payroll tax relief granted by the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and associated regulations.
This webinar will provide a detailed overview of the new data-entry fields for Form 941 and will discuss key aspects of the revised instructions for the form.
The draft revised Form 941 and its draft revised instructions were released April 30, and the finalized revised form and revised instructions have not yet been released. If the finalized documents are not available by the date of this webinar on June 10, we will focus on the draft form and instructions, which likely will be quite close in nature to what will be finalized.
This webinar, which is a follow-up to Bloomberg Tax & Accounting's April 14 webinar Latest Coronavirus Impact on Payroll (which now is available on-demand), also will briefly cover other payroll-related updates that have occurred April 15 or later pertaining to the federal government's response to the coronavirus outbreak.
Learning objectives:
- Learn about the various new data-entry fields on the expanded Form 941
- Understand more about how to calculate the amounts to report in the new data-entry fields
- Gain enhanced knowledge of the legal and/or regulatory basis for the new data-entry fields
- Learn about how the new Form 7200 is to interact with the expanded Form 941
- Acquire details about other payroll-related changes on or after April 15 pertaining to the federal government's response to the coronavirus outbreak
Who should attend:
Payroll professionals
