Federal legislation was passed to help mitigate the impacts of COVID-19 on employees and businesses, including the CARES Act (H.R. 748) and the Families First Coronavirus Relief Act (H.R. 6201). If your company had employees covered by these acts, filing your quarterly taxes will look different than previous years. Form 941 was revised by the Internal Revenue Service and has many new lines to report the payments and credits.

Because answers to Form 941 questions are dependent on several factors (including which relief options you took advantage of, how you tracked related pay, how you paid your employees, and how you withheld taxes), we recommend you review the IRS Form 941 for 2020, the IRS Form 941 instructions, and the following knowledgebase articles before you begin working on the form:

• Prepare to file Form 941 (video) (Sage article ID 105499)
• Updates to Form 941 (video) (Sage article ID 105502)
• 941 Reports for Second Quarter 2020 (Sage article ID 105192)
• Are there reports I can use to track my COVID-19 Pays and Employer Social Security Amounts? (Sage article ID 104105)
• Processing 941 Q2 2020 (Aatrix Knowledgebase article)

Remember that because Sage is not credentialed to give accounting or tax advice, your CPA or Tax Professional is your resource for ensuring you complete Form 941 as required.

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