Between the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security (CARES) Act, there are a number of tax credits available to provide support and assistance to employers during the pandemic. Each credit comes with its own set of eligibility requirements, wage and leave tracking, and reporting protocol, which employers must follow in order to receive the most robust funding possible.

This level of documentation and reporting requires clear and continuous communication between organizations and their payroll providers, whether in-house or third-party. The HR consultants at professional services firm RKL LLP, which has an office location in Exton, have developed a number of tools to help employers clarify key questions and details related to the credits and apply for reimbursement on IRS Form 941, including a payroll provider questionnaire and a payroll guide to COVID-19 tax relief.

Now, as the July 31 deadline for Form 941 approaches, RKL assembled a support package to educate employers on this complex process and make sure this standard filing is completed properly to ensure maximum benefit from the new credits. The package includes information on the various COVID-19 tax credits, a worksheet to track and calculate each credit for input onto the form, and a step-by-step video to walk filers through the process and address common questions.

RKL’s Form 941 support package will help employers:

• Save time
• Ensure accuracy
• Streamline tracking and reporting
• Review eligibility for all COVID-19 tax credits
• Maximize financial benefit (including the Employee Retention Tax Credit for non-PPP recipients and the often overlooked Qualified Health Plan Expenses)

Employers working with a payroll provider to automatically prepare Form 941 should request a hold on the process. This ensures time to review RKL’s support package to make sure no eligible credits are overlooked or miscalculated. If Form 941 was already submitted, employers may need to amend their return depending on the outcome of the calculations on the RKL worksheet.

Ready to get started? Click here to purchase the Form 941 support package before the July 31 filing deadline. Contact HRconsulting@rklcpa.com with any questions or for assistance.

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