Do I have to use the revised Form 941 for the 3rd quarter?
214 views | Last modified 9/21/2020 4:08:03 AM EST | Added by ExpressEfile Team

Applicable To
Form 941 Form 1099 / W-2 Form 2290

Yes, you have to use the revised Form 941 for the third quarter. This is because of the new changes that are going to be implemented on the existing Form 941.

First, Form 941 has been revised for the 2nd quarter due to the COVID-19 pandemic. Once again, the IRS is revising Form 941 for the 3rd and 4th quarters of 2020. 

In general, employers withhold 6.2 percent of the salary for the Social Security tax along with some other taxes. All the withholding amounts should be reported to the IRS by the end of the quarter.       

For the second quarter of 2020, the IRS allowed deferring the employer portion of the Social Security tax. The changes in Form 941 for the 3rd and 4th quarters include the deferment of employees’ share of Social Security tax. However, this deferment is applicable for the qualifying wages paid between September 1, 2020, and December 31, 2020.       

Thus, Form 941 is being revised for the upcoming quarters with changes in lines 1, 13b, 24, and 25.

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.

Was this helpful? Yes No

E-File Form W-2, 1099-NEC/MISC, 940, 941, 941-X & 2290
using ExpressEfile

Register Now

Returning User? Sign in

Couldn't find what you
are looking for?

Contact Us