The Internal Revenue Service (IRS) recently released a draft Form 941, Employer’s QUARTERLY Federal Tax Return, to be used by employers to claim payroll tax forgiveness under the HIRE Act for qualifying new hires. Newly added lines on Form 941 include the following:
- Number of qualified employees first paid exempt wages/tips this quarter
- Number of qualified employees paid exempt wages/tips this quarter
- Exempt wages/tips paid to qualified employees this quarter
- Number of qualified employees paid exempt wages/tips March 19–31
- Exempt wages/tips paid to qualified employees March 19–31
A final version of Form 941 is expected to be released next month. Contact Vision Payroll if you have any questions on the draft Form 941.