IRS Form 941 Worksheet 1 - Explained
Updated on March 15, 2021 - 10:30 AM by Admin, ExpressEfile
Form 941, Employer's QUARTERLY Federal Tax Return, filed by employers in the United States has seen multiple revisions this year due to the COVID-19 pandemic. The IRS initially revised Form 941 for quarter 2, 2020, to accommodate the relief measures announced by the government to overcome the pandemic. So, from quarter 2, 2020, employers must
file the revised Form 941.
To calculate the tax credits applicable for the reporting period accurately, the IRS has introduced Worksheet 1 (available on Page 20 of Form 941 instructions). If you’re an employer who are likely to apply for the COVID-19 tax credits, you must know about Form 941 Worksheet 1 and how to use it.
This article covers the following topics: