The Internal Revenue Service (IRS) recently released a revised 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:

• Line 6a – Number of qualified employees first paid exempt wages/tips this quarter
• Line 6b – Number of qualified employees paid exempt wages/tips this quarter
• Line 6c – Exempt wages/tips paid to qualified employees this quarter
• Line 6d – Payroll tax forgiveness this quarter
• Line 12c – Number of qualified employees paid exempt wages/tips March 19–31
• Line 12d – Exempt wages/tips paid to qualified employees March 19–31
• Line 12e – Payroll tax forgiveness March 19-31

Lines 12c, 12d, and 12e will be on the Form 941 for the third and fourth quarters, but are applicable only for the second quarter. Contact Vision Payroll if you have any questions on the revised Form 941.