News & Resources


IRS Releases Revised Form 941, Instructions

BY: Curtis E. Tatum, Esq. | 10/01/20

The IRS released a revised 2020 Form 941, Employer’s Quarterly Federal Tax Return, and its instructions. The form will be used to report employment taxes beginning with the third quarter of 2020. The IRS revised Form 941 to allow employers that defer the withholding and payment of the employee share of social security tax on wages paid on or after September 1, 2020, to report the deferral.

Adjustments for Payments or Deposits Made in Same Quarter as a Deferral

The instructions provide guidance on how to report a deferral of the employer and/or employee share of social security tax that is subsequently paid or deposited in the same quarter it was deferred.

Revised Instructions for Schedules B and R

The IRS also updated the Instructions for Schedule B (Form 941), and the Instructions for Schedule R (Form 941), to reflect changes made to the Form 941.

APA Resources

For additional information on the revised Form 941, see the October issue of Payroll Currently. The revised form and other recent payroll developments will also be featured in APA’s webinar Payroll in 2020 – Developments Through the 3rd Quarter, which will be presented on October 14. The webinar will be available on demand, beginning on October 28.

To learn more about federal and state laws, regulations, and information to keep your company's payroll operations in compliance, check out Payroll Source Plus!

Curtis E. Tatum, Esq., is Director of Federal Payroll Compliance for the APA.