San Francisco Tax Preparation / CPA: Claim Employee Retention Credit for First Quarter Qualified Wages on Second Quarter Form 941

Filed in CCH NEWS FEED by on May 23, 2020

The IRS has instructed employers that file quarterly employment tax returns (Form 941, 941-SS, or 941-PR) and are eligible for the new employee retention credit to not claim the credit on their first quarter return for 2020. Instead, an eligible employer that paid qualified wages between March 13, 2020, and March 31, 2020, inclusive, should include 50% of those wages, together with 50% of any qualified wages paid during the second quarter of 2020, on its second quarter employment tax return for 2020.

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