The new 941 takes into account refundable tax credits under the Families First Coronavirus Response Act (FFCRA), Employer Retention Credits (ERC), advance payments of credits with Form 7200, and employer deferred Social Security taxes. The new 941 also has Worksheet 1, which helps with tax credit and deferral calculations.
Patriot Basic Payroll customers can download the IRS 941 from the payroll software. If any FFCRA sick or family leave hours were used in the software for Quarter 2 payroll, the 941 will appropriately fill in those amounts. For more information, please read our help article, Basic Payroll Customers: Completing Form 941.
Patriot Full Service Customers will see the new 941 in their Quarter 2 tax packets and will also have Worksheet 1 added to the tax packet so they can review the tax credits, refunds from filing form 7200, and deferrals they have.