IRS releases its redesigned Form 941

The IRS released a redesigned Form 941 yesterday which will reduce taxpayer compliance burden while decreasing common data-entry errors according to the agency. Form 941, Employer's Quarterly Federal Tax Return, is used by about 6.5 million taxpayers to report wages, tips and other compensation paid as well as Social Security, Medicare, and federal income taxes collected.

The IRS aims to provide taxpayers with simplified deposit reporting and paid preparer identification. Some of the changes include the addition of shading for easier reading, new check-off boxes, and the deletion of a horizontal grid of empty boxes intended for the IRS's use. The new forms also contains a decimal point on every box unlike its predecessor.