ROCK HILL, SC / ACCESSWIRE / March 21, 2022 / The first quarter of 2022 is almost complete, 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 first-quarter information.
TaxBandits has updated their filing process accordingly and the first quarter Form 941 for 2022 is now available for e-filing.
TaxBandits has adjusted Form 941 to accommodate the updated data fields and Worksheets that employers and tax professionals will need to complete and file this form successfully. The Form 941 instructions have also been updated to reflect the expiration of many COVID-19 programs.
Expiration of COVID-19 Tax Credits
Under the CARES Act and later the American Rescue Plan (ARP), employers were able to claim an advance payment on sick and family leave wages paid to employees due to COVID-19. These credits are no longer available for the first quarter of 2022.
The employee retention credit has also expired. The COBRA Premium Assistance Credit was added under the ARP, and is only available for coverage during the period of April 1, 2021, through September 30, 2021.
Revised Form 941 Worksheets
Now that many of the COVID-19 programs have ended and tax credits can no longer be claimed in advance, the IRS has reduced the number of Worksheets needed to file Form 941 for the first quarter of 2022.
For the first quarter of 2022, there will only be 3 Worksheets to help employers calculate the refundable and non-refundable portions of their remaining COVID-19 tax credits.
When asked about the changes to Form 941, Agie Sundaram, the CEO, and Co-founder of SPAN Enterprises, the parent company of TaxBandits, states, "Form 941 has undergone notable changes for the upcoming quarter. When filing with TaxBandits, employers can tackle these updates with the help of our user-friendly e-filing process, built-in Worksheets and calculations, and our excellent customer support team."
To begin e-filing Form 941 for the first quarter of 2022, create a free account at TaxBandits.com.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS authorized e-file provider of Forms 1099, W-2, 1095, 940, 941, and W-9, providing solutions for businesses, service providers, and tax professionals of every shape and size.
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 Business Management and E-filing Applications such as TruckLogics, ExpressTruckTax, and ExpressTaxExempt, SPAN Enterprises is at the forefront of innovative applications. Learn more at https://www.spanenterprises.com/.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at [email protected].
SOURCE: TaxBandits