ROCK HILL, SC / ACCESSWIRE / June 26, 2020 / The IRS released a finalized version of Form 941 earlier this week. Employers use this form to report their quarterly employment taxes, however, in the wake of the COVID-19 there have been many changes made to this form to reflect the IRS tax relief set in place by the CARES Act.
This is good news for business owners as they are now able to claim their refundable tax credits for paid sick and family leave related to the virus as well as employee retention credits. They also will need to report these credits on their employment tax forms. As filing this newly revamped Form 941 correctly is a concern for many employers, the TaxBandits software offers a solution for accurate and easy filing of Form 941, complete with the new additions to this form.
The Revised Form 941 has increased in complexity, it has been expanded to three pages and contains an additional 23 data fields for filers to calculate and complete. These changes are intimidating to both experienced filers and new filers alike. When filing with TaxBandits users do not need any expert knowledge or experience with IRS Tax Forms to achieve error-free filing. This new form will be required to be filed for the second quarter of 2020 before July 31, 2020.
As the IRS has had to scale back their processing of mail during the pandemic, therefore filing Form 941 electronically is your best option. By filing electronically, you will be ensuring a smoother process for yourself and relieving the IRS of the stress of handling another paper form. TaxBandits supports additional variations of Form 941 including Form 941-PR and Form 941-SS. Users are able to file not only their Form 941 with TaxBandits but any additional related forms or attachments as well. So, there is no need to hesitate.
The TaxBandits software accommodates Schedule B as well as the Schedule R that is filed by CPEOs and 3504 Agents. These schedules are up to date with IRS changes due to COVID-19. As for the Form 8974, TaxBandits software assists users in generating this form so they are able to claim a payroll tax credit for increasing research activities.
When asked about the extensive changes to Form 941, CEO and Co-founder, Agie Sundaram states, 'As an industry-leading IRS Authorized E-file Provider, TaxBandits is prepared to help employers successfully e-file their Form 941 for the second quarter with ease, despite the many changes due to COVID-19.'
TaxBandits is an IRS authorized e-file provider centered around an accurate, simplified, and secure customer experience. TaxBandits software allows for streamlined print, mailing, and e-filing services. With TaxBandits clients can easily file W-2 Forms, 1099 Forms, Payroll Forms 940, and 941 as well as ACA Forms. Employers can digitize their W-4 and W-9 Forms with TaxBandits. TaxBandits ensures IRS compliance by offering both federal and state filing options. With over 4.5 million forms e-filed and clients from over 100,000 businesses nation-wide, employers can trust https://www.taxbandits.com/ with all of their IRS e-filing needs.
SPAN Enterprises, the creator of TaxBandits, is an industry leader of software solutions for IRS filing and the transportation industry. Located in the heart of downtown Rock Hill, South Carolina, SPAN proves that big ideas can grow in a small town. With existing Business Management Software such as TruckLogics and Unitwise, ACAwise ACA reporting software, and PayWow, a full-service payroll provider, SPAN Enterprises is on the front lines of innovative business solutions. Learn more at http://www.spanenterprises.com.
SOURCE: SPAN Enterprises
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