The IRS released the 2024 Form 941, Employer’s Quarterly Federal Tax Return; Schedule B, Report of Tax Liability for Semiweekly Schedule Depositors; and Schedule R, Allocation Schedule for Aggregate Form 941 Filers, along with their respective instructions. They are available on PayrollOrg’s Resource Library.
Employers should use the March 2024 revision beginning with the first quarter of 2024. The IRS expects this revision will be used for all four quarters of 2024.
COVID-19-Related Lines Removed
The Form 941 contains no major changes from the draft released earlier this year. The lines used to report COVID-19-related credits have been removed from the form. The Form 941 instructions were updated to reflect changes to the form and no longer include any worksheets.
To learn more about federal and state laws, regulations, and information to keep your company's payroll operations in compliance, check out Payroll Source Plus!
Rayna Alexander, Esq., is Editor of Payroll Information Resources for PayrollOrg.
