As a reminder second quarter payroll reports are due to be filed by July 31, 2020.
If you have had no significant changes between the first and the second quarter your reporting requirements will be similar although there are extra lines on the Form 941 before you get to the bottom line of what may be due with your report.
Some things that may have happened to your business during the second quarter of 2020 that may impact the calculations of your payroll reports:
- If you paid for qualified employee sick or family leave due to COVID, there are credits that can potentially be taken on the Form 941.
- If you had a business shut down or a more than a 50% drop in business, there is a possibility you may qualify for an employee retention credit on the Form 941.
- If you have elected to delay the payment of up to 50% of your employer taxes and spread out the payments, you will need to report this on your Form 941.
- If you have taken out a PPP loan, this can impact the eligibility for some of the credits.
- If you are using a payroll service provider, you should ensure that the qualified employee wages paid for the sick or family leave were properly classified in the system.
Please contact your HM&M advisor if you have questions.
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