IRS Finalizes Form 941 Revision for Covid-19 Tax Relief Reporting

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  • 60 minutes

The most recent version of the draft instructions was released by IRS for Form 941, Form 941SS and form 941-PR on June 29-30, 2020.The revised Form 941 includes various additional entries to report and reconcile payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA). The form is expected to be available for use by employers beginning with the second quarter of 2020.

IRS Releases 2020 941-SS Instructions, Draft of Form 941-PR:

  • Revised Forms 941 are to be used starting with the second quarter of 2020

  • Forms 941 redesigned to accommodate reporting for virus-related employment tax relief

IRS Finalizes Instructions for Form 941, Schedules B, R for Virus Relief:

  • IRS releases finalized instructions for Form 941 and Schedules B and R

  • Instructions are use in reporting coronavirus-related employment tax relief

IRS Issues Form 941 Clarifications on Employee Retention Credit:

  • Form 941 was reissued with a clarification on using the employee retention credit

  • The credit is available as part of the CARES Act

IRS to Expand Form 941 to 3 Pages for FFCRA,Revisions for covid-19 Tax Relief reporting:

  • About 20 additional data-entry fields are to be added to the form

  • Schedule R of Form 941 also is to be revised

  • Deferred Amount of the Employer Share of Social Security Tax

  • Total Advances Received From Filing Form(s) 7200 for the Quarter

  • Non-refundable Portion of Employee Retention Credit From

Join this session by expert speaker Dayna Reum, this webinar will give the tools you need to complete the form correctly from line by line review to who should sign the form. Discussions on how to properly reconcile the form to avoid IRS notices will be reviewed. Along with how to deal with the IRS if a dispute does occur.

Session Highlights:

  • 941 Basic Requirements Reporting Requirements

  • 941 Due Dates

  • Electronic

  • Filing

  • Signing Requirements

  • Line by line review

  • Schedule B requirements and tips

  • Reconciliation of Form941 and W-2’s at year end 941-x forms and how to deal with them

  • IRS Notices, disputes and how to deal with them.

Why You Should Attend:

Businesses typically need to file Form 941 if they have employees and withhold income tax, social security, and Medicare tax from their wages.

Specifically, they need to file form 941 to report the following payroll-related amounts. If any of these factors apply to your business, you need to file Form 941.

  • Wages paid

  • Tips reported to you by employees

  • Federal income tax withheld

  • Employer and employee share of social security and Medicare taxes

  • Any additional Medicare Tax withheld from employees

  • Current quarter adjustments to Medicare taxes and social security for sick pay, tips, group-term life insurance and fractions of cents

  • Small business payroll tax credit

Who Should Attend:

  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel

  • Human Resources Executives/Managers/Administrators

  • Accounting Personnel

  • Business Owners/Executive Officers/Operations and Departmental Managers

  • Lawmakers Attorneys/Legal Professionals

  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

Advanced Preparation: None

Program Level: Intermediate

Prerequisites: Basic Knowledge of Reporting

Field of Study: Accounting, Taxation

*You may ask your Question directly to our expert during the Q&A session.

** You can buy On-Demand and view it at your convenience

Dayna Reum

Dayna Reum

Dayna is currently the Director of Payroll Operations at Ann & Robert Lurie Children’s Hospital of Chicago. Dayna has been heavily involved in the payroll field over 17 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures.

Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.

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This webinar has been approved for 1 HR (General) recertification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.

Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1 PDC for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit

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Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

For more information regarding administrative policies such as complaint and refund, please contact our offices at 844- 810-1151.

 PLEASE NOTE: To receive credit through the NASBA for this program you MUST attend the Live program in its entirety and complete the required progress checks.

Number of CPE Credits Awarded for This Course: 1 (Accounting - 0.5, Taxation- 0.5)

Delivery Method: Group Internet Based

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