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IRS Finalizes Revised Versions of Form 941-X, Instructions

Nov. 16, 2020, 6:12 PM

Finalized versions of the further-revised Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, and its instructions were released Nov. 13 by the IRS.

The form and instructions were not changed from recent draft versions.

The instructions, which were earlier revised in July, address additional changes to the form, including the modified Line 24, which now is used to correct data regarding deferrals of the employer and employee shares of Social Security tax for the third and fourth quarters of 2020. Form 941-X was last revised Oct. 2.

Additionally, Line 33 was renumbered as Line 33a and Line 33b was added to correct amounts of the 6.2% employee Social Security tax deferrals for the third and fourth quarters of 2020 that were to be included within amounts reported on Form 941, Line 13b.

The latest revisions to Form 941-X were necessitated by the establishment of the employee Social Security tax deferral via a presidential memorandum released Aug. 8.

Earlier revisions to Form 941-X and its instructions were made necessary by the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which took effect in March.

To contact the reporter on this story: Michael Trimarchi in Washington at mtrimarchi@bloombergindustry.com

To contact the editor on this story: Howard Perlman in Washington at hperlman@bloombergindustry.com

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