Note:

A refund cannot be more than the sum of the COVID credits (Form 941 Form lines 11b, 11c, 13c & 13d) when there is a TC 766 CRN 280 on the module. For Form 941, Employer's QUARTERLY Federal Tax Return, if the account module balance (AMB) upon the posting of the TC 150, is more than the sum of the unreversed COVID credits (Form 941, lines 11b, 11c, 13c & 13d), then a TC 767 CRN 280 will post for the excess amount (the AMB minus the applicable COVID credits specified above), up to but not to exceed the amount of the posted TC 766 CRN 280.

After the posting of the TC 150, any payment made to the account or overpayment on the account will generally be applied to the deferred payment amounts prior to being considered for refund or offset when there is a CRN 280 amount on the 2020 module.

If the deferred amount was not paid by the applicable due dates, Master File programming will post a TC 767 CRN 280 reversal for the appropriate amount owed and penalties and interest will begin to accrue from the applicable due date.

For more information on payment of the deferred employer’s share of social security tax, see , IRM 21.7.2.8.1 Deferred Payment of Employer’s Share of Social Security Taxes for 2020. For additional information on CRN 280, see IRM 21.7.2.8.3 Credit Reference Number (CRN) 280 Computer Maximum Deferral Figure, UPC 306-3 and Reason Code 195.