- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax Update - 1.0
Form 941 was substantially redesigned for the second quarter of 2020 to accommodate the reporting of payroll tax credits and the deferral of the employer portion of social security tax which employers are entitled to during the COVID-19 pandemic. Reporting for certain lines was revised again in September 2020 to accommodate the deferral of the employee portion of social security taxes. This course covers the form revisions and provides a comprehensive example of how these items are reported on Form 941.
Upon successful completion of this course, the user should be able to:
identify the proper reporting of COVID-19 payroll tax credits and the deferral of the employer portion of social security tax on Form 941.