Form 941 is used by employers to
report payments made to employees subject to income and social
security/Medicare taxes and the amounts of these taxes. Form 941-PR
is used by employers in Puerto Rico to report social security and
Medicare taxes only. Form 941-SS is used by employers in the U.S.
possessions to report social security and Medicare taxes only.
Schedule B is used by employers to record their employment tax
liability.
The changes to the 2nd
Quarter 2010 Form 941 were necessary allow employers to claim the
social security tax exemption, as provided in P.L. 111-147 ( The
Hiring Incentives to Restore Employment Act), section 101 (new IRC
section 3111(d)). Employers are allowed an exemption for their
share of social security taxes paid on qualified wages paid to
qualified employees, as defined by P.L. 111-147. Lines 6a thru 6d
of Form 941 were added to report the number of these employees, the
wages they were paid, and the amount of the exemption. Lines
12c-12e on Form 941 were added to allow the employer a credit for
payment of their share of social security taxes paid on qualified
wages paid to qualified employees from March 19, 2010 through March
31, 2010. As such, the calculations on existing lines were revised
to include the exemption. We have solicited comments through a
prior Federal register notice. We will also issue a new 60-day FRN
once the final forms are released to the public. Taxpayers must
receive the guidance outlined in these forms as soon as possible.
Failure to provide these forms to the public could result in an
adverse financial impact on the taxpaying public and hinder the
mission of the IRS. The new law is effective for business filing
the 2nd quarter returns. Thus, we are requesting an emergency
Paperwork Reduction Act review May 19, 2010.
US Code:
26
USC 3102 Name of Law: Deduction of tax from wages
US Code: 26
USC 3111(d) Name of Law: Rate of tax
US Code: 26
USC 3405 Name of Law: Special rules for pensions, annuities,
and certain other deferred income
US Code: 26
USC 3501 Name of Law: Collection and payment of taxes
US Code: 26
USC 3504 Name of Law: Acts to be performed by agents
US Code: 26
USC 3101 Name of Law: Rate of tax
PL: Pub.L. 111 - 147 101 Name of Law: Hiring
Incentives to Restore Employment Act
Form 941 is used by employers
to report payments made to employees subject to income and social
security/Medicare taxes and the amounts of these taxes. The changes
to the 2nd Quarter 2010 Form 941 were necessary to allow employers
to claim the social security tax credit and tax exemption, as
provided in P.L. 111-147 ( The Hiring Incentives to Restore
Employment Act), section 101 (new IRC section 3111(d)). Qualified
employers social security tax credit Qualified employers are
allowed a credit in the second quarter of 2010 for their share
(6.2%) of social security tax on wages/tips paid to qualified
employees after March 18, 2010, and before April 1, 2010. Lines
12c-12e on Form 941 were added to allow the employer a credit for
payment of their share of social security taxes paid on qualified
wages paid to qualified employees from March 19, 2010 through March
31, 2010. Qualified employers social security tax exemption
Qualified employers are allowed an exemption for their share (6.2%)
of social security taxes on wages/tips paid to qualified employees
after March 31, 2010, and before January 1, 2011. Lines 6a thru 6d,
of Form 941, were added to report the number of these employees,
the wages they were paid, and the amount of the exemption. The
result of these changes is a total burden increase of 69,372,702
hours.
$12,235,028
No
No
Uncollected
Uncollected
No
Uncollected
D Decasseres 2029274268
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form Form 941 Forms 941, Employer's Quarterly Federal Tax Return; American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands
ombat1.doc
Forms 941, Employer's Quarterly Federal Tax Return; American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands