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941 2020 2nd quarter

SL2134
Level 2

Just a heads up----941 doesn't calculate correctly for companies that receive a PPP loan.  You have to basically opt out of the Employee Retention Credit.  Click on the Retention box & check employees one by one.

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6 Comments 6
Just-Lisa-Now-
Level 15
Level 15

Maybe since the quarter isnt over yet, and the quarterly reports arent due yet, more updates are still in route?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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qbteachmt
Level 15

Yes, you cannot take both the PPP and the Retention Credit. You have to opt out of the retention credit.

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"Level Up" is a gaming function, not a real life function.
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Dianna
Level 3

There needs to be an option to "select all" for the employees list when opting out, I'm hoping there is an update that can address this. 

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SVILONA
Level 1

This is still an issue with us.  No matter what we do it will take a credit. Our clients are not eligible, anyone figure a way to get the 941 to calc properly?

Dianna
Level 3

EasyAcct should take away the automatic retention credit, you should need to select it if it applies instead of being automatically on the report. It is very frustrating!

LLD
Level 1

I marked all my employees and it still gave me the retention credit.   Our employees worked full schedule the whole time so we are not eligible and I can't find how to opt out, so it wants to refund us our taxes paid.  Totally frustrating!!!!

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