{"id":5083,"date":"2011-02-26T16:52:48","date_gmt":"2011-02-26T21:52:48","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=5083"},"modified":"2011-02-27T17:18:46","modified_gmt":"2011-02-27T22:18:46","slug":"irs-releases-draft-form-941","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2011\/02\/irs-releases-draft-form-941\/","title":{"rendered":"IRS Releases Draft Form 941"},"content":{"rendered":"<div class=\"img alignright size-medium wp-image-5085\" style=\"width:300px;\">\r\n\t<a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/02\/Businessman-Smiling.jpg\"><img src=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/02\/Businessman-Smiling-300x199.jpg\" alt=\"IRS Releases Draft Form 941\" width=\"300\" height=\"199\" \/><\/a>\r\n\t<div>IRS Releases Draft Form 941<\/div>\r\n<\/div>The <a href=\"http:\/\/www.irs.gov\/\" target=\"_blank\">Internal Revenue Service (IRS)<\/a> recently released a draft <a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/02\/f941-dft-20110204.pdf\" target=\"_blank\">Form 941, Employer\u2019s QUARTERLY Federal Tax Return<\/a>. The revised <a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/02\/f941-dft-20110204.pdf\" target=\"_blank\">Form 941<\/a> will be used for reporting information for the first quarter of 2011 and later quarters. It cannot be used to report information for 2010.<\/p>\n<p><strong>Social Security Rate Is Changed on Draft Form<\/strong><\/p>\n<p>Since the <a href=\"https:\/\/old.visionpayroll.com\/kb\/2010\/12\/question-of-the-week-how-does-the-2010-tax-act-affect-payroll-taxes-in-2011\/\" target=\"_blank\">employee social security tax rate for 2011<\/a> is 4.2%, the rate used to calculate tax on both taxable social security wages and taxable social security tips has been changed from 12.4% to 10.4%.<\/p>\n<p><strong>New Line 5e Has Been Added<\/strong><\/p>\n<p>The draft form includes a new line 5e to report \u00a73121(q) notice and demand\u2014tax due on unreported tips. Under \u00a73121(q), when notice and demand is made for such taxes, the remuneration is deemed to be paid on the date of the notice.<\/p>\n<p><strong>Lines 6a-6d Made Inactive<\/strong><\/p>\n<p>Lines 6a, 6b, 6c, and 6d have been made inactive on the draft <a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/02\/f941-dft-20110204.pdf\" target=\"_blank\">Form 941<\/a>. These lines were used to report on qualified employees and exempt wages under the <a href=\"https:\/\/old.visionpayroll.com\/kb\/2010\/03\/tip-of-the-week-jobs-bill-to-provide-tax-relief-to-employers\/\" target=\"_blank\">HIRE Act<\/a>.<\/p>\n<p><strong>Contact Vision Payroll for Further Information<\/strong><\/p>\n<p>Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> for further information on the changes in the draft <a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/02\/f941-dft-20110204.pdf\" target=\"_blank\">Form 941<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRS Releases Draft Form 941 The Internal Revenue Service (IRS) recently released a draft Form 941, Employer\u2019s QUARTERLY Federal Tax Return. The revised Form 941 will be used for reporting information for the first quarter of 2011 and later quarters. It cannot be used to report information for 2010. Social Security Rate Is Changed on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1471,528,1208,1204,321,178,1432,635],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/5083"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=5083"}],"version-history":[{"count":2,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/5083\/revisions"}],"predecessor-version":[{"id":5087,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/5083\/revisions\/5087"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=5083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=5083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=5083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}