COVID-19 related relief impacts Form 941 tax filing effective June 30, 2020. The final version of the updated 941 and the instructions are available on the IRS site. Sage is finishing our preparation to support Form 941 in anticipation of updated IRS filing requirements. In addition, a new worksheet is included with Form 941 titled, Credit for Qualified Sick and Family Leave Wages and the Employee Retention Credit. This forum post is intended to help prepare customers for these changes.
Form 941 and COVID-19 Resources
Sage recommends you review these resources to prepare for Form 941 and related changes:
- Review Coronavirus relief options: https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance
- Review the updated Form 941 and its instructions on the IRS Site:
- Instructions: https://www.irs.gov/pub/irs-pdf/i941.pdf
- Form 941: https://www.irs.gov/pub/irs-pdf/f941.pdf
- Review information on the Aatrix site, Processing 941 Q2 2020 page: https://www.aatrix.com/support/knowledgebase/windows/us/standard/941/processing-941-q2-2020/
- Review the Sage 300: COVID-19 Legislation forum post in Sage City for more information about setting up codes for FFCRA, updating your U.S. Payroll module, and CARES Act reporting.
- Consult with your CPA or Tax Professional.
How Sage can help
Answers to Form 941 questions are dependent on several factors including which relief options you took advantage of, how you tracked related pay, how you paid your employees, and how you withheld taxes.
Sage recommends you review the IRS form instructions, Aatrix site, and also review Sage KB articles and training manuals before you complete the Form 941. Remember, that because Sage is not credentialed to give accounting or tax advice, your CPA or Tax Professional is your resource to ensure you complete Form 941 as required.
Because of this, it is not within our Sage scope of support to answer questions related to "What dollar amount goes into this line (of a government required form)?" Our support, services and success teams are trained to help where we can but not overstep this boundary. Depending on the complexity of your business practices, Sage advises customers to review IRS resources and to schedule time with your CPA or Tax Professional.