It’s time to replace your Form 941 with a new one. Just in time before the end of Q2, the IRS has now issued a new version of Form 941 and its related schedules. If you have a March 2022 version sitting around, it can only be used for first quarter 2022 reporting. The new June 2022 revision should be used beginning with second quarter 2022 reports. And hopefully third and fourth quarters as well!
The Form 941 has undergone lots of changes throughout the last couple of years due to pandemic relief programs. This latest version now makes the line for COBRA premium assistance credit “reserved for future use”, since first quarter 2022 was the end of the time in which most employers could claim this credit.
For more information about this and the expiration of other COVID-19 payroll tax credits, check out the current Form 941 instructions by clicking here.