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The FFCRA and CARES Act were chockful of tax implications, including credits, deferrals, grants, and new forms, that impact your federal tax liabilities and deposits. Now, at quarter-end, it’s time to reconcile everything. Form 941, your quarterly federal tax return, has gotten even longer and more complex, containing a whole new page and many new lines and data items.
So, whether you prepare Form 941 yourself or just review your provider’s form for accuracy, you’ll want to know the answers to the following:
Even if you didn’t take advantage of any COVID-19 tax provisions, you’ll still need to file the revised form, so you’ll want to understand the new lines and page.