The IRS has now published the draft of the Form 941[1] to be used for the rest of 2020. The new form takes into account the changes made by the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act that added various types of payroll tax relief.

Specifically, the form adds lines to account for:

Credit for Qualified Sick and Family Leave Wages;
Employee Retention Credit; and
Deferred Amount of the Employer Share of Social Security Tax.

The three page new Form 941 is reproduced below:

The IRS also has published 17 pages of instructions related to this form.[2]

One interesting note in the instructions is found on page 13, with the instruction for line 13b, Deferred Amount of the Employer Share of Social Security Tax. The instructions imply that the deferral is voluntary and not required.

The IRS has provided a “Tip” that notes:

The deferred amount of the employer share of social security tax is a deferral of deposits and payments, not a deferral of liability. You won’t receive a refund or credit of any amount of the employer share of social security tax already deposited for the quarter.[3]

[1] 940 for 2020: Employer’s Quarterly Federal Tax Return (Rev 4-2020), Draft, Internal Revenue Service, April 29, 2020, https://www.irs.gov/pub/irs-dft/f941--dft.pdf, (retrieved May 1, 2020)

[2] Instructions for Form 941 (Rev. April 2020), Internal Revenue Service, April 30, 2020, https://www.irs.gov/pub/irs-dft/i941--dft.pdf, (retrieved May 1, 2020)

[3] Instructions for Form 941 (Rev. April 2020), Internal Revenue Service, April 30, 2020, p. 13