Can I defer social security taxes for Quarter 1 of 2021?
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Last modified 5/28/2021 7:38:53 AM EST
No, you cannot defer social security taxes for Q1 of 2021. This is because the IRS did not extend the deferral period, which was ended on December 31, 2020. Thus, employers will no longer be allowed to defer social security taxes. To incorporate this, the IRS has updated Form 941 for 2021. The changes include the following:
- Line 13b - Reserved for future use
- Line 13e - Total deposits and refundable credits.
- Line 13g - Total deposits and refundable credits less advances.
- Line 24 - Reserved for future use
TaxBandits has incorporated the changes and employers can begin to e-file Form 941 for the first quarter of 2021.