What are the changes made in Form 941 for the 3rd and 4th quarters of 2020?
189 views |
Last modified 9/21/2020 4:02:58 AM EST |
Added by ExpressEfile Team
The IRS revised Form 941 stating changes in four lines for the 3rd and 4th quarters. One of the major changes includes that the employers can now defer the employees’ share of social security taxes. This deferment is applicable to the compensations paid from September 1 to December 31, 2020.
Note: It is worth noting that the IRS allowed employers to defer the employer portion of the Social Security taxes for the second quarter.
Form 941 changes for quarter 3 & 4
The changes affect 4 lines. Let’s see those changes in the section below.
- Line 1: This is more of a text change that allows the employers to use this new version only for the 3rd and 4th quarters of 2020.
- Line 13b: This line is used to report the deferred amount of employer and employee share of social security tax for the quarter.
- Line 24: Employers can now use this line to report the employee share of deferred social security taxes.
- Line 25: This line is not for reporting. It is simply earmarked for future use.
While filing Form 941 for quarter 3, make sure you report these changes correctly. To reduce errors in filing the return, you may choose to e-file Form 941 with ExpressEfile.