ROCK HILL, SC / ACCESSWIRE / July 1, 2021 / The second quarter of 2021 is officially over, which means it's time for employers and tax professionals to start preparing their Form 941 for the quarter. The IRS released and finalized a new version of the 941 for reporting second quarter information.
TaxBandits has updated their e-filing process accordingly and the second quarter Form 941 for 2021 is now available for e-filing.
TaxBandits has adjusted the Form 941 to accommodate the new data fields and Worksheets that employers and tax professionals will need to complete and file this form successfully. The Form 941 instructions have been updated to reflect the changes introduced by the American Rescue Plan Act.
Adjustments to COVID-19 Tax Credits
Under the American Rescue Plan (ARP), the original tax credits for sick and family leave wages are still available to employers, while they are no longer required to offer paid leave related to COVID-19, they are welcome to do so. The employee retention credit is still available to employers for the remainder of 2021. However, these credits will be calculated differently before and after March 31, 2021.
COBRA Premium Assistance Credit
The COBRA Premium Assistance Credit is a new tax credit that the ARP makes available to employers. Employers will cover the cost of COBRA premiums for employees who have either been involuntarily terminated or reduced to part-time employment. In return, the employer will claim a credit for each eligible individual and recoup this expense when filing their Form 941.
Additional Worksheets for Form 941
The 941 Worksheet 1 has become a familiar tool for employers and tax professionals when calculating their refundable and nonrefundable portions of COVID-19 tax credits. There are now 5 New 941 Worksheets total for calculating these credits for the second quarter. All of these Worksheets are built-in to TaxBandits' Form 941 e-filing process.
With the constant changes to Form 941, this form has changed dramatically over the past year. While it was once a simple form that was easy to file on paper, that is no longer the case. This is now a complex form with a larger margin of error. Filing the Form 941 electronicallyis the best method for accurate and timely reporting. Employers and Tax Professionals can begin e-filing today at www.TaxBandits.com.
When asked about the changes to the Form 941, Agie Sundaram, CEO and Co-founder of SPAN Enterprises states, "The Form 941 has undergone many changes for the upcoming quarter. When filing with TaxBandits, employers can tackle these changes with the help of our user-friendly e-filing process, our knowledge base full of resources, and our excellent customer support team."
About SPAN Enterprises
SPAN Enterprises is the parent company of TaxBandits and a variety of other business management and e-filing applications. Located in the small city of Rock Hill, SC, SPAN enterprises proves that big ideas grow in small towns. With existing applications such as TruckLogics, ExpressTruckTax, and PayWow, SPAN Enterprises is at the forefront of innovative solutions. Learn more at http://www.spanenterprises.com.
Please direct all media inquiries to:
Stephanie Glanville, Content Writer, at [email protected].
SOURCE: TaxBandits