Are there any changes in Form 941 for the 3rd quarter?
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Last modified 9/8/2020 11:47:20 AM EST
Yes, the IRS has made some changes in Form 941 for the 3rd and 4th quarters. The employers can now use Form 941 to report the deferrals of the employee portion of the Social Security tax.
Generally, the employer withholds a certain amount of money from the employee's salary as social security taxes. The employer has to pay this amount to the IRS within the end of the quarter.
But the changes announced by the IRS allows the employer to defer the employee portion of the social security taxes. The employer can now pay this amount to the IRS at a later date than they usually do. This is applicable only for the qualifying compensations made from September 1, 2020, to December 31, 2020.
This has caused some changes in Form 941 for the 3rd and 4th quarters. There are some changes in lines 1, 13b, 24, and 25 in the updated Form 941.