Your video was somewhat helpful. However, I am not interested in the FICA deferral portion and want to keep things as simple as possible. I work with the Desktop version of Quickbooks. It would be great if you have an example of a completed 941 filled out with the employee retention credit taken. There are the additional issues of reporting on line 21 and 25 I believe and how do you actually get the credit/refund from the IRS. Do you have to request it on a separate form or how does that work?
Glad it helped. It looks like the IRS has updated the 2Q 2020 941 adding lines for the retention credit. The IRS wants you to submit the Form 7200 though so they have a record of the credit you’re looking to include on the 941. This is still unchartered territory since it will be the first quarter with the update. Hope to post an updated video soon.
Your video was somewhat helpful. However, I am not interested in the FICA deferral portion and want to keep things as simple as possible. I work with the Desktop version of Quickbooks. It would be great if you have an example of a completed 941 filled out with the employee retention credit taken. There are the additional issues of reporting on line 21 and 25 I believe and how do you actually get the credit/refund from the IRS. Do you have to request it on a separate form or how does that work?
Hi Sam,
Glad it helped. It looks like the IRS has updated the 2Q 2020 941 adding lines for the retention credit. The IRS wants you to submit the Form 7200 though so they have a record of the credit you’re looking to include on the 941. This is still unchartered territory since it will be the first quarter with the update. Hope to post an updated video soon.