Note:

Reminder notices were not issued for the payment due in relation to the employee’s share of social security taxes.

Form 941, Employer's QUARTERLY Federal Tax Return, was revised for the third and fourth quarters of 2020 to enable employers to report deferred amounts of the employee’s share of social security taxes.

Taxpayers were instructed to include the deferred amounts of the employee’s share of social security on line 13b, in addition to any amount for the deferral of the employer’s share of social security taxes. A single TC 766 CRN 280 posted reflecting both the employee and employer shares of social security taxes that were deferred.

Taxpayers were instructed to enter the amount of deferred employee’s share of social security taxes on Form 941, line 24. The figure entered by the taxpayer on Line 24 will be used by the IRS in combination with the Line 13b entry to determine the amounts due on the respective due dates for employee’s share deferred social security taxes (December 31, 2021) and employer’s share of the deferred social security taxes (December 31, 2021 and December 31, 2022) reported as a total figure on Line 13b. The figures from line 24 will appear on TXMOD and BMFOL as reflected in the table below:

Tax Period

Form 941, Line 24 Description

TC 970 Field Name (thru December 2020)

Display in Posted Return Data on TXMOD/BMFOL (beginning January 2021)

202006

Qualified wages paid March 13th thru March 31, 2020 for Employee Retention Credit

QLFY-EMPL-MARCH-WG-PD-AMT

QLFY-EMPL-MARCH-WG-PD-AMT

202009

Deferred amount of the employee share of social security tax included on line 13b

QLFY-EMPL-MARCH-WG-PD-AMT

DEFERRED-EE-FICA-AMT

202012

Deferred amount of the employee share of social security tax included on line 13b

N/A

DEFERRED-EE-FICA-AMT