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February 25, 2005
IRS Redesigns Employment Tax Return
The Internal Revenue Service has unveiled the redesign of the employment tax return Form 941, Employer's Quarterly Federal Tax Return.

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The IRS says the revised form should help businesses, tax practitioners, and payroll companies avoid common errors as well as reduce the burden associated with completing and filing it.

The redesigned form features a new layout, revised instructions, simplified deposit reporting and paid preparer identification, according to the agency. The form is also scannable, which the IRS expects will reduce transcription errors.

More than 23 million of these forms are filed annually by 6.6 million employers. The Form 941 is used to report wages, tips and other compensation paid, as well as Social Security, Medicare and income taxes collected.

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