Revised Form 941 Changes for 2nd Quarter 2021 Form 941 which is used to report the Employer's Quarterly Federal Tax Return has many changes due to the COVID pandemic. Now, under the Biden Administration, American Rescue Plan was proposed under this pandemic. According to this, the IRS has released a Form 941 for the 2nd quarter of 2021. Read through to know more about the changes. Overview of the Revised Form 941 2nd Quarter 2021 changes: In response to the American Rescue Plan passed, COBRA Premium Assistance Credit is introduced. The Form 941 has some changes to the lines and employers offering 80 hours of paid sick leave and family leave to your employees can now include time off for getting the vaccine and recovering. In addition to this, the employee retention credits are still available.
What are the changes in Form 941 for Q2 2021? As per the changes, the following lines have been changed/added to the revised Form 941. Line 5a, 5a(i), 5a(ii) - Use Line 5a to report the sick and family leave wages taken after March 31, 2021. Line 5a(i) and (ii) is to report only the wages paid after March 30, 2020 for the leave taken before April 30, 2021. Line 11b - To report non refundable portion of qualified sick and family leave wages before April 1, 2021.