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Claim Employee Retention Credit for First Quarter Qualified Wages on Second Quarter Form 941

July 10, 2020 Priya Comments Off

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.