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What's New?

12/09/2019 TKT Payroll 2020 Version 15.0.0 includes 2020 Federal and State tax table updates, and the 2019 Forms 940 and 944.

02/21/2020 TKT Payroll 2020 Version 15.1.0 issued for IRS published final version of 2020 Form 941.

Form 1099-MISC has been replaced by Form 1099-NEC in this version. The IRS has separated out the reporting of payments to nonemployees from Form 1099-MISC where it was reported in Box 7, and they have created a separate Form 1099-NEC for nonemployee compensation. Beginning with tax year 2020, use Form 1099-NEC to report nonemployee compensation during the 2021 tax season.

06/22/2020 The IRS has released a revised Form 941 for the 2nd, 3rd, and 4th quarters for 2020 to account for CARES (Coronavirus Aid, Relief, and Economic Security) Act and the FRCRA (Families First Coronavirus Response Act) tax credits. The link for the IRS fillable version of the revised Form 941 for 2020 is below. TKT Payroll software will not be revised to incorporate this revised Form 941 for the 2nd, 3rd, and 4th quarters for 2020.

Employers who are not affected by the CARES Act and the FRCRA, can extract the numbers printed on the TKT Payroll Form 941 for 2020 for the 2nd quarter, and enter the numbers on the appropriate lines on the new IRS Form 941 fillable version using the IRS link above.

Employers who may be impacted by the CARES Act and the FRCRA should review with their Tax Professional to ensure that they meet all of the requirements for CARES and/or FRCRA, and get their guidance for completing Worksheet 1 which is required for completing lines 11b, 11c, 13c, 13d on the revised Form 941 for the 2nd Quarter 2020.

Worksheet 1 is on page 14 in the Instructions for Form 941 in the IRS link below:

Dec 2019

Feb 2020

Jun 2020