Does Payroll Mate support the new coronavirus form 941 changes?

Question

The IRS has now published the new cares act form 941 to be used for the rest of 2020. I will be preparing our 2nd quarter payroll forms and I want to make sure my software is updated for coronavirus related employment tax credits and other tax relief.

So, I'm inquiring when the federal 941 for the second quarter will be updated in Payroll Mate 2020 to reflect the revised covid changes?

Answer 1

Hi there,

Payroll Mate 2020 has been updated with the April 2020 form 941 revision (also referred to as the Cares Act / Coronavirus update). The following new boxes can now be populated when preparing the form:

• Qualified sick leave wages.
• Qualified family leave wages
• Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1
• Nonrefundable portion of employee retention credit from Worksheet 1
• Deferred amount of the employer share of social security tax
• Refundable portion of credit for qualified sick and family leave wages from Worksheet 1
• Refundable portion of employee retention credit from Worksheet 1
• Total advances received from filing Form(s) 7200 for the quarter
• Qualified health plan expenses allocable to qualified sick leave wages
• Qualified health plan expenses allocable to qualified family leave wages
• Qualified wages for the employee retention credit
• Qualified health plan expenses allocable to wages reported on line 21
• Credit from Form 5884-C, line 11, for this quarter
• Qualified wages paid March 13 through March 31, 2020, for the employee retention credit (use this line only for the second quarter filing of Form 941)
• Qualified health plan expenses allocable to wages reported on line 24 (use this line only for the second quarter filing of Form 941)

Real Business Solutions Support Team, Makers of W2 Mate, 1095 Mate and Payroll Mate

https://www.realtaxtools.com/

support@realtaxtools.com