Another revised 2020 Form 941, Employer’s Quarterly Federal Tax Return, is to be used starting with the third quarter of 2020 to report deferrals of the employee portion of Social Security tax.
The ability to defer the employee portion of Social Security tax with respect to qualifying compensation paid from Sept. 1 to Dec. 31, 2020, was established Aug. 8 by a presidential memorandum. Aspects of implementing this new type of coronavirus-related employment tax relief were elaborated upon by the Internal Revenue Service in Notice 2020-65, released Aug. 28.
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A draft of what is to ...
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