What are the changes made in other 941 returns for the 3rd and 4th quarters of 2020?
348 views |
Last modified 9/21/2020 3:52:26 AM EST |
Added by ExpressEfile Team
As per the recent changes in Form 941, employers can now defer the employee share of Social Security tax for the qualified wages paid between September 1 and December 31, 2020. A few lines are revised, including 1, 13b, 24, and 25. These changes are also applicable to supporting forms, such as Form 941-SS and Form 941-PR.
The IRS has released the draft of Form 941-SS, and you can see the same changes that affect lines 1, 13b, 24, and 25. Form 941-PR draft has not been released, and it might be released shortly. The aggregate Form 941 Schedule R, may also undergo some changes, but the draft is not yet out.
We can also expect the changes in correction forms for all versions of Form 941. Yet, there is no official announcement.