Are there any changes in IRS Form 941 for quarter 3, 2020?
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Last modified 10/8/2020 10:30:49 AM EST |
Added by 123PayStubs Team
Yes, there are changes in Form 941 for quarter 3, 2020. The IRS has updated 4 lines in Form 941. This change was made because from quarter 3, 2020, employers can defer the employee portion of social security taxes for the qualified wages paid between September 01 and December 31, 2020.
Here are the changes in Form 941 for quarter 3, 2020:
Line 1: Only text changes confirming that the return can only be filed for quarters 3 and 4, 2020.
Line 13b: Report the total deferred social security taxes for the quarter (both employee and employer portion)
Line 24: Report only the employee portion of deferred social security taxes for the quarter.
Line 25: No need to report anything in this line. Only reserved for future use.
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