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.
Visit the Coronavirus (COVID-19) Advice and Support page to find out more information, or visit the Sage Customer Resources page at www.SageCity.com/Resources for additional options, including links to Sage Knowledgebase, Sage City, and Sage University, as well as Live Chat and Online Case submission.
When will the final form be ready?
The 941 form has been finalized and is available within the program.
I saw the changed form, but it did not put my Sick Wages in the appropriate place on the SS & Medicare lines. I set up the sick wage pay pay types as instructed in your article, but it is not showing correctly on the 941.
The revised 941 for the 2nd quarter will require manual adjustments to some fields, we will have more guidance on the specifics of the changes required soon as they are finalized ahead of the July 31st deadline.
Any guidance on how to do an EFT deposit since it has to be broken down by SS, Med, & W/H? Or should I just mail a check? My deposit is due 7/1, but there is no way I can see to take the credit for the sick wages, health insurance, and EE medicare on those wages with an EFT deposit.