Draft Form 941. On August 28, 2020, the IRS posted a draft version of Form 941 on its website. Specifically, the draft form changes line 24 to read: “Deferred amount of employee’s share of Social Security tax included on line 13b.” Line 13b of the draft form is slightly altered to say: “Deferred amount of Social Security tax.”
Line 24 is currently specific to the qualified wages paid from March 13, 2020 through March 31, 2020 for the employee retention credit.
Line 13b is currently specific to the deferral of the employer’s share of Social Security tax – a provision of the CARES Act that permits an employer to defer its portion of the tax through the end of 2020 and then make 50% of the payment due by the end of 2021 and then pay the remaining tax due by the end of 2022 .
The draft Form 941 also changes line 25. It is currently for: “Qualified health plan expenses allocable to wages reported on line 24 (use this line only for the second quarter filing on Form 941. Since the second quarter 2020 deadline has passed, the draft form line 25 reads: “Reserved for future use.”