This webinar will cover changes to the Form 941 for 2021. These changes are driven by COVID-19 relief provisions for businesses that Congress has passed in the past 12+ months. So, before we can discuss the changes to the 941, we will review these provisions, which include: employee retention credit (ERC); the Families First Coronavirus Response Act (FFCRA); deferrals of Social Security tax; and the new COBRA subsidy assistance credit.
We will also briefly discuss how Paycheck Protection Program (PPP) loans interact with these provisions. We will then cover the Form 7200, which is used for applying for advance payments of the credits. Then we will discuss the Form 941, how it has changed, and how you put all of these pieces together.
As a bonus, we will cover Form 941-X at the end of the webinar. The 941-X is the form a business uses for making retroactive credit claims; for example, if the ERC was not claimed in 2020 but could have been, this is the form you use to put in for the credit now.
In response to COVID-19, Congress has passed numerous tax provisions to help businesses. Most of these provisions run through payroll and are accounted for on the quarterly Form 941.
These changes have resulted in the IRS revising Form 941. This webinar will cover all of the provisions: the employee retention credit (ERC); the Families First Coronavirus Response Act (FFCRA); deferrals of Social Security tax; and the new COBRA subsidy assistance credit. We will discuss how to claim these credits on the 941, and how to apply for advance payments on the credits before the 941 is filed.