IRS Puvlishes Revised Payroll Tax Form
Last week, Congress passed and the President signed federal legislation that extends the existing payroll tax reduction through the end of calendar 2012. The reduction has been in effect since the beginning of 2011, but, before the extension, had been due to expire at the end of this month. Employees don’t have to take any action to continue to get the tax cut. For employers, however, the Internal Revenue Service has issued a revised Form 941, available here, that reflects the extended tax break. The legislation also extended the current tax cut for the self-employed.