The IRS requires additional information regarding the TAX LIABILITIES for a semiweekly depositors. This information is collected on Schedule B (Form 941).
Form 941 Schedule B Filing Requirements
Form 941 Schedule B must be filed by employers,
- if they are reporting more than $50,000 in employment taxes for the previous period
- if they have accumulated $100,000 or more in tax liabilities for the current or past calendar year
What are the changes in Form 941 for the 2nd and 3rd quarter of 2022?
The tax relief programs passed under the American Rescue Plan Act are continuing to expire, and these changes will reflect on Form 941 for the second and third quarter of 2022. As a result, the COBRA Premium Assistance Credit is not available for the Q2 & Q3 of 2022.
Visit, https://www.taxbandits.com/form-941/revised-new-irs-form-941-for-q2-2022/ to learn more.
How TaxBandits Helps You Complete Your
Form 941 Schedule B?
To complete your Schedule B report, you are required to enter your tax liability in the numbered space that corresponds to the date that wages were paid.