Preparing for Q2 941s

With the new legislation (CARES Act H.R. 748, Families First Coronavirus Relief Act (H.R. 6201) that has passed for COVID-19, filing your quarterly taxes this quarter may look different than it has before. The Form 941 will have many new fields in order to accommodate for the new legislation. A draft of the proposed form is available on the IRS website, as well as an updated set of instructions.
Note: The final form may not be available until later in June.

For products that use Aatrix, Sage is currently researching what information can be populated on the form and what information you may need to manually enter through reporting. Once the form and instructions have been finalized, product specific solutions will be finalized and posted to the related Sage City product forums. If your business has taken advantage of any of the credits or loans offered through the new legislation, we recommend you start having conversations with your CPA about the quarterly tax filing.