Action Required:  The federal government announced that Indiana, Michigan and South Carolina employers will have a FUTA credit reduction for 2010.  For more information about this change and how it affects your FUTA tax payments and your Form 940 and Schedule A, click here. (21101)

Form 941, Employer's QUARTERLY Federal Tax Return, has been updated. (21101)

Action Required:  If you are an employer who has qualified employees under the HIRE Act, click here for the HIRE Act Guide for QuickBooks.  This guide includes step-by-step instructions for completing lines 6a, 6b, and 6c on the Form 941 in QuickBooks. You will need to enter the values for those lines in the Interview for Form 941. QuickBooks 2009 R12 or later will populate the fields for those lines in the Interview. (21101)

Note:  You might notice that the QuickBooks version of this form looks slightly different than the version of the form you receive from the IRS. This is because the IRS asks software vendors, like QuickBooks, to reproduce their forms in a slightly different format. Please be assured, however, that the IRS will accept the QuickBooks version of the form when you use it for your filings.

Form 941-X, Adjusted Employer's Quarterly Federal Tax Return Quarterly Wages, has been updated. (21102)

Form 941-X, Adjusted Employer's Quarterly Federal Tax Return Quarterly Wages, has been added. (21101)

Note:  You might notice that the QuickBooks version of this form looks slightly different than the version of the form you receive from the IRS. This is because the IRS asks software vendors, like QuickBooks, to reproduce their forms in a slightly different format. Please be assured, however, that the IRS will accept the QuickBooks version of the form when you use it for your filings.

Form 943, Employer’s ANNUAL Federal Tax Return for Agricultural Employees, has been updated.  The IRS revised the form in response to the Payroll Tax Exemption provision in the Hiring Incentives to Restore Employment (HIRE) Act, signed by President Obama on March 18, 2010.  New lines 7a, 7b, 7c, 13c, 13d, and 13e were added to the form for 2010 to report the exemption for qualified employees. (21101)

Action Required:  If you are an employer who has qualified employees under the HIRE Act, click here for the HIRE Act Guide for QuickBooks.  This guide includes step-by-step instructions for completing the new lines on the Form 943 in QuickBooks.  You will need to enter the values for the new lines in the Interview for Form 943. (21101)

Form 944, Employer’s ANNUAL Federal Tax Return, has been updated.  The IRS revised the form in response to the Payroll Tax Exemption provision in the Hiring Incentives to Restore Employment (HIRE) Act, signed by President Obama on March 18, 2010.  New lines 5a, 5b, 5c, 11c, 11d, and 11e were added to the form for 2010 to report the exemption for qualified employees. (21101)

Action Required:  If you are an employer who has qualified employees under the HIRE Act, click here for the HIRE Act Guide for QuickBooks.  This guide includes step-by-step instructions for completing the new lines on the Form 944 in QuickBooks. You will need to enter the values for the new lines in the Interview for Form 944. (21101)

Form W-2, Wage and Tax Statement, has been updated.  The IRS has added a new reporting code CC to box 12 in response to the Payroll Tax Exemption provision in the Hiring Incentives to Restore Employment (HIRE) Act, signed by President Obama on March 18, 2010.  Code CC is for employers to report the amount of wages and tips covered by the payroll tax exemption. (21101)

Action Required:  If you are an employer who has qualified employees under the HIRE Act, click here for the HIRE Act Guide for QuickBooks.  This guide includes step-by-step instructions for reporting the amount of wages and tips covered by the payroll tax exemption on the Form W-2 in QuickBooks.  Only QuickBooks 2009 R12 or later will populate box 12 with code CC and the value based on data in QuickBooks. If you are on an earlier version of QuickBooks 2009, you will need to enter code CC and the value on each applicable employee’s Form W-2. (21101)

Form W-3, Transmittal of Wage and Tax Statements, has been updated.  A new box 12b has been added to report the total of code CC in response to the Payroll Tax Exemption provision in the Hiring Incentives to Restore Employment (HIRE) Act, signed by President Obama on March 18, 2010.  Also, the total of deferred compensation amounts, previously reported in box 12, is now reported in new box 12a. (21101)