ROCK HILL, SC / ACCESSWIRE / September 29, 2020 / The IRS released another revised version of the Form 941, Employer's Quarterly Federal Tax Return. In response to this, TaxBandits e-filing software has made the necessary changes required for the third quarter deadline.
In addition to all the changes due to COVID-19 tax credits, there are now a few additional changes to account for the payroll tax deferment that the current administration has put into place.
Here is a little background on this new payroll deferment action and how it will affect reporting on Form 941 for the upcoming 3rd quarter deadline.
The current administration has passed a temporary tax deferment as additional aid to businesses struggling through the COVID-19 pandemic. This tax deferment is effective September 1, 2020 through December 31, 2020. During this time employers can not only defer their share of Social Security taxes, but they are now able to defer the employees' share of Social Security taxes.
Employers can choose whether or not they opt into this employee tax deferment. However, despite what an organization chooses, the Form 941, Employer's Quarterly Federal Tax Return, must accommodate these changes.
While there was a complete overhaul of the Form 941 between the 1st and 2nd quarters of 2020, the new revisions for the 3rd and 4th quarter are much more subtle. The majority of these changes revolve around the option to defer employees' share of Social Security taxes.
The following are lines that have been added to the form or adjusted for the 3rd quarter.
Line 1- Number of employees who received wages, tips, or other compensation for the pay period including Sept 12 (Quarter 2) and Dec 12 (Quarter 4)
Line 13b- Deferred amount of Social Security tax
Line 24- Deferred amount of the employee share of Social Security tax included on line 13b
Line 25- Reserved for future use.
These changes will also affect the Form 941-SS and Form 941-PR, plus they will carry over onto the 941 Schedule R.
The deadline for filing Form 941 for the 3rd quarter of 2020 is October 31, 2020. Since this falls on a Saturday this year, the deadline to file will actually be November 2, 2020.
This revised Form 941 will most likely be used for the 4th quarter of 2020, which is due to the IRS on January 31, 2021.
If your business needs a streamlined solution for e-filing Form 941, then www.TaxBandits.com is the software you need. With our simple e-filing process, there is no need to stress over the new additions to the Form. Our software will guide you through Form 941 line by line, we even support Worksheet 1.
Not to mention our new Zero Filing feature allows employers to speed up the filing process exponentially. Employers with no wages to report for the third quarter of 2020 can select this feature when beginning their form. By doing so, our software will automatically generate zeroes in all areas of the form where they are required. This saves users a significant amount of time and prevents any accidental overreporting of taxes.
Co-founder and CEO, Agie Sundaram responds to these changes stating, "As the IRS continues to implement changes to its forms, it is more important than ever that businesses choose an IRS Authorized E-file Provider that they can trust. Here at TaxBandits, we are working to ensure that our clients have the most up to date forms available while maintaining the simplicity of our superior e-filing process."
SPAN Enterprises, the creator of TaxBandits, is an industry leader of software solutions for IRS filing and the transportation industry. Located in the heart of downtown Rock Hill, South Carolina, SPAN proves that big ideas can grow in a small town. With existing Business Management Software such as TruckLogics and Unitwise, ACAwise ACA reporting software, and PayWow, a full-service payroll provider, SPAN Enterprises is on the front lines of innovative business solutions. Learn more at http://www.spanenterprises.com.
About TaxBandits
www.TaxBandits.com is an IRS authorized e-file provider centered around an accurate, simplified, and secure customer experience. TaxBandits software allows for streamlined print, mailing, and e-filing services. In addition to the Form 941, TaxBandits also provides e-filing solutions for W-2 Forms, 1099 Forms, Payroll Forms 940, and 941 as well as ACA Forms. Employers can digitize their W-4 and W-9 Forms with TaxBandits. The TaxBandits software is designed to accommodate the filing needs for businesses of all sizes.
For more information please contact Stephanie Glanville/Content Writer at stephanieglanville@spanenterprises.com or 704.684.4751
SOURCE: TaxBandits
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https://www.accesswire.com/608285/TaxBandits-Is-Now-Accepting-IRS-Forms-941-For-Quarter-3-Of-2020
