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.
The EFTPS deposit coupon has not undergone significant changes due to the new filing requirements; however, there is a note that has been added regarding this. As you can see in the screen below the form instructs to reduce the payment amount in the AMOUNT OF DEPOSIT field in anticipation of employee retention credits. This field can be manually adjusted.
Is that not ONLY applicable to the Employee Retention Credit? I am NOT claiming the Retention Credit. And the online EFT does not look like the coupon you have shown above. I am unable to attach a pdf here, or I would show you the screenshot of how payroll taxes MUST be broken down to SS, MED, and WH, and how the total of those MUST equal the total deposit or it will not be accepted.
There is no way to reduce my deposit by the SICK WAGES themselves, or the QUALIFIED HEALTH INSURANCE applicable to those SICK WAGES.
I checked in with our Sage Support team. That is the only EFTPS deposit coupon available in the Aatrix forms. Are you referring to the https://www.eftps.gov/eftps/ website? If so, this information does not pull from Sage 50 or interact with our program in any way.
Yes, I am referring to the website. I know it doesn't tie in with Sage, I just thought you might know what to do since so many business are required to deposit online.
This is outside our scope of guidance. We suggest you seek guidance from a tax professional and/or accountant.