IRS Releases Draft Instructions for Form 941’s Schedule B, R

Draft instructions for Schedule B and Schedule R for Form 941, Employer’s Quarterly Federal Tax Return, were released June 3 by the IRS.

The draft instructions for Schedule B, Report of Tax Liability for Semiweekly Schedule Depositors, are to be used with the current version of the schedule, which has a January 2017 revision date. The draft instructions expand guidance on adjusting reported tax liabilities for claimed Covid-19 employment tax credits to incorporate the changes to Lines 11b to 11e on the version of Form 941 revised for the second quarter of 2021.

The draft instructions for Schedule R ...