Form 941-SS updated for COVID-19 tax legislation

Tax Hot Topics newsletter The IRS released on June 30 a new Form 941-SS, "Employer’s Quarterly Tax Return,” for 2020 with instructions to reflect the new employment tax credits and other tax relief legislation passed in response to COVID-19.

The new Form 941-SS includes line items for the credit for qualified sick and family leave wages with related items (e.g., the employee share of social security tax, allocable qualified health plan expenses), the employee retention credit with related items (e.g., qualified wages, qualified health plan expenses), the deferral of the employer share of social security tax otherwise due during the calendar quarter, and advances received from Form 7200, “Advance Payment of Employer Credits Due to COVID-19,” filed for the quarter. However, the IRS clarified that employers should use the January (not April) 2020 revision of Form 941-SS to report employment taxes for the first quarter of 2020.normal.

Jeff Martin
Washington National Tax Office
T +1 202 521 1526

Keith Mong
Managing Director
Washington National Tax Office
+1 202 521 1554

James Sanchez
Senior Associate
Washington National Tax Office
+1 202 861 4107

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