Third Quarter 2020 Form 941

Payroll Tax Holiday
The Federal/State Tax Forms (Aatrix) third quarter 2020 update was recently released. This version includes a draft of the third quarter 2020 Form 941 that is acceptable to eFile/file for the third quarter as long as there is no employee Social Security tax deferral amount to report. The IRS has not released the final version of the third quarter 2020 Form 941 that includes payroll tax holiday additions based on the executive orders that President Donald Trump signed on August 8, 2020. The final version IRS approved third quarter 2020 Form 941 will include the ability to manually enter employer and employee Social Security deferrals. If you need to report employee Social Security tax deferrals, they will need to be reported on the final version of the form. When the form is released by the IRS/Aatrix, you will be notified via email if you are on a Customer Care Plan. Alternately, you will also be prompted to update Federal/State Tax Forms (Aatrix) as updates become available.
COVID-19 Paid Leave Update
Red Wing Software recently released CenterPoint Payroll version 15.12 the week of September 28, 2020, that will more accurately report COVID-19 paid leave amounts on Form 941. CenterPoint Payroll can be set up to track COVID-19 paid leave so it can accurately be reported on Form 941. Click here to view documentation on CenterPoint Payroll and COVID-19 Paid Leave. If you have not been tracking COVID-19 Paid Leave in CenterPoint, but still need to report it on the third quarter 2020 Form 941, you can do so now with the currently released software and tax forms by manually adjusting Form 941 in Aatrix.
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