IRS Releases 2024 Form 941, Instructions for Form and Schedule B

Jackraines171702 Sep, 2024Education

The IRS has introduced the 2024 Form 941, Employer?s Quarterly Federal Tax Return, along with Schedule B, Report of Tax Liability for Semi-weekly Schedule Depositors, and Schedule R, Allocation Schedule for Aggregate Form 941 Filers. Employers should begin using the March 2024 revision of Form 941 starting with the first quarter of 2024, and continue using it throughout the year. A significant update is the removal of lines related to COVID-19 from the Form 941, including those used to report COVID-19 tax credit. This change means that employers must adjust their payroll taxes filings accordingly for 2024, being especially cautious about the absence of these tax credit lines on the form.