941 Worksheet 1 Draft. The draft version does not contain any changes. The refundable portion of the credit is allowed after the employer share of social security tax reported on form 941, lines 5a and 5b, is reduced to zero by.
To print the 941 worksheet for each department to which employees are assigned, select the department. Part 4 is used if you want to designate an employee or paid preparer or service to talk with the irs about form 941. All you need to know about form 941 worksheet 1, 2020.
The revised form should be used starting with the second quarter of 2020 (april 1 to june 30).
Nonrefundable portion of employee retention credit from worksheet 1. The refundable portion of tax credits as calculated in worksheet 1 (lines 13c and line 13d); The changes are necessary to account for and reconcile ffrca and cares act tax credits, as well as advance payments of such credits using form 7200. Substantial changes have been proposed to irs form 941, which was released in draft form on april 29, 2020, with draft instructions released on may 1, 2020.
