1st quarter 941 payroll tax deposit deferral

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  • manceandpeters
    Junior Member
    • Nov 2010
    • 13
    #1

    1st quarter 941 payroll tax deposit deferral

    Does anyone know the procedure for adjusting the 1st quarter 941 to report the amount of payroll tax deferral?
    Tags: None
    • BOB W
      Senior Member
      • Jun 2005
      • 4061
      #2
      Review Instructions for IRS Form 7200
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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        • manceandpeters
          Junior Member
          • Nov 2010
          • 13
          #3
          This only seems to apply to the credits, not the payroll tax deferral. The only guidelines I could find were the IRS would let us know how to file the 1st quarter, so far crickets....

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            • TaxGuyBill
              Senior Member
              • Oct 2013
              • 2324
              #4
              As you said, I haven't heard anything.

              Personally, because it only applies to March 27th-March 31st in the first quarter, I would just tell the client to pay it all, and then start the deferral for the second quarter.

                Comment

                • Lion
                  Senior Member
                  • Jun 2005
                  • 4699
                  #5
                  Does the deferral start with Q2 due to the almost-end-of-March start date?

                    Comment

                    • TAXNJ
                      Senior Member
                      • Jan 2007
                      • 2106
                      #6
                      Originally posted by Lion
                      Does the deferral start with Q2 due to the almost-end-of-March start date?
                      Deferral of employment tax deposits and payments through December 31, 2020 | Internal Revenue Service
                      https://www.irs.gov/newsroom/deferral-of-employment-tax-deposits-and-payments-through-december-31-2020
                      The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes, as well as coordination with the credits for paid leave under sections 7001 and 7003 of the Families First Coronavirus Response Act (FFCRA) and the employee retention credit under section 2301 of the CARES Act. These FAQs will continue to be updated to address additional questions as appropriate.
                      Always cite your source for support to defend your opinion

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                        • manceandpeters
                          Junior Member
                          • Nov 2010
                          • 13
                          #7
                          It is for any deposit due from 3/27 on. So for someone on a monthly deposit schedule, that could be all of March liability.

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