Overview

Form 941 is an essential form for all employers that pay employees and withhold FICA (Social Security and Medicare) taxation. In recent years several changes to the 941 form have made it difficult to understand.

The importance of reconciliation and completion of not only the Form 941 but Schedule B is becoming increasingly important for employers to avoid costly disputes with the IRS resulting in penalty and interest

With the several COVID-19 legislation being passed that includes tax credits for employers the form 941 will be a key form to claim these credits.