PayMe, LLC, Payroll-Filing Made Easy, Launches Payroll-Tax Form 941 Solution to Address COVID-19 Changes
PayMe's solution simplifies required, quarterly COVID-19 reporting for shocked employers (or their advisors) by automating most of Form 941, including most of new Worksheet 1
RICHMOND, Va., July 27, 2020 /PRNewswire-PRWeb/ -- PAYME, LLC, is pleased to announce that all employers can use its newly updated Form 941 solution to e-file their second quarter payroll tax returns, due July 31, 2020.
To help small businesses struggling through the pandemic, Congress passed COVID-19 legislation containing many new tax benefits, all of which flow through an employer's quarterly payroll tax return form 941. To accurately report these benefits, the IRS updated the payroll tax return by increasing it from two to three pages, and adding 58 new data fields (previously 18 total lines). Taxpayers must use this version of the form for the second, third and fourth quarters of 2020.
When asked about the changes, co-founder Ivan Silva stated, "While many employers will be unprepared for Form 941's new complexity, we specifically designed our solution so taxpayers can prepare their returns without having to hire an advisor. It provides the most convenient, secure, powerful and efficient method for electronic filing in the market today. Try one."
Recall, federal tax Form 941, Employer's Quarterly Federal Tax Return, is the federal form employers use to report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks. The form also is used to report the employer's portion of Social Security or Medicare tax employee wages, payroll taxes and information the IRS deems important (including all the new COVID-19 tax incentives data).
In general, if you pay employees (even yourself as an employee) then you will be required to use this form to report information to the IRS. Filing must continue even if there are no employees during some of the quarters, until your business has closed AND you have communicated this to the IRS (except for certain limited exceptions).
Accordingly, if you're a small business owner (or its advisor) struggling to complete Form 941 for the second quarter, given the added complexity to report COVID-19 incentives, PayMe has an innovative solution that automates most of the fields (including most of new Worksheet 1). It seamlessly works with Form 941, Schedule B (used to report the tax liability for Semiweekly Schedule Depositors). Moreover, as a stand-alone solution, it avoids the headaches related to integrating the changes mid-year into an existing system.
About PayME
Founded in 2018, PayME, LLC, Payroll-filing Made Easy, helps small business owners (or their advisors) e-file their payroll tax returns entirely online in minutes using an industry-first solution that requires NO IRS-issued 10-digit PIN (which is entirely new in the marketplace), and no subscription, contract, username/password or software to download and configure. Easy. Accurate. Secure.
PayME is a registered site of TaxMe LLC, an authorized IRS e-file provider (since 2010), Electronic Return Originator (ERO), Software Developer and a Transmitter. TaxMe also operates as a full-service payroll tax provider (since 2003).
Visit TaxMe and PayMe on the web at: http://www.tax-me.com or http://www.paymellc.com.
Need to e-file? Click here to begin: http://www.paymellc.com/e-file.
SOURCE PayME, LLC
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