With the new legislation (CARES Act H.R. 748, Families First Coronavirus Relief Act (H.R. 6201) that has passed for COVID-19, filing your quarterly taxes will look different than previous years. The Form 941 will have many new fields in order to accommodate new legislative requirements. A draft of the proposed form is available on the IRS website, as well as an updated set of instructions.

Note: The IRS may not release the final form until late June.

For products that use Aatrix, Sage is continually researching what information is required on the form. At this early phase of this new reporting, it is likely that information will need to be entered on the 941 form. After the form and instructions have been finalized, product specific recommendations will be finalized and posted to this Sage 300 CRE Announcements, News, and Alerts forum. If your business has taken advantage of any of the credits or loans offered through the new legislation, we recommend you start having conversations with your CPA or tax professional about the quarterly tax filing.