IRS Releases 2024 Form 941, Schedules, and Instructions
Posted by DaveMoll on Mar. 1, 2024 / Federal Updates / Subscribe 0
The IRS released the 2024 Form 941, Employer's Quarterly Federal Tax Return, and its instructions; Schedule B, Report of Tax Liability for Semiweekly Schedule Depositors, and its instructions; and Schedule R, Allocation Schedule for Aggregate Form 941 Filers, and its instructions.
Lines for COVID-19-related credits removed
Form 941 contains no major changes from the draft released earlier this year. As with the draft, the lines used to report COVID-19-related credits have been removed from the form. Employers should be sure to use the March 2024revision beginning with the first quarter of 2024. Earlier versions should not be used. The IRS expects the March 2024 revision will be used for all four quarters of 2024.
The lines used to claim the credit for qualified sick and family leave wages were removed from Form 941 because it would be extremely rare for an employer to pay wages in 2024 for qualified sick and family leave taken after March 31, 2020, and before October 1, 2021. Employers that are still eligible should file Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, after filing Form 941 to claim the credit.
Instructions. The instructions were updated to reflect changes to the form and no longer include any worksheets. The instructions include a new tip that states: unless otherwise noted, references throughout the instructions to Form W-2 include Forms W-2AS, W-2CM, W-2GU, W-2VI, and 499R-2/W-2PR; references to Form W-2c include Form
499R-2c/W-2cPR; references to Form W-3 include Forms W-3SS and W-3 (PR); and references to Form W-3c include FormW-3c (PR).
Schedule 8. Schedule B was last revised in January 2017 and was updated to remove references to Form 941-SS, which was also removed from the instructions. The instructions were also updated to reflect the expiration of COVID-19-related credits.
Schedule R. Schedule R and the instructions were updated to reflect line changes to Form 941. The format of Schedule R has reverted to the format previously used in the March 2022 revision, which includes Columns m, s, t, and v as reserved for future use, and the calendar year field is no longer prepopulated. Schedule R includes a new checkbox to designate whether Schedule R is attached to Form 941 or Form 941-X.The instructions state Columns f, I, n, o, p, u, w, x, and y are now used only when Schedule Ris attached to Form 941-X.
The IRS expects the March 2024 revision of Schedule R and the instructions to be used for the second, third, and fourth quarters of 2024 and possibly longer. Employers may need a prior revision of Schedule R when filing a Form 941-X (for example, to claim or correct the employee retention credit). Prior revisions are available on the About Form 941 webpage under "AII Form 941 Revisions'
Payroll Currently March 1,2024 Vol.32 Issue 3
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