Treasury will go
through the usual PRA public comment process before seeking an
extension of this OMB control number.
Inventory as of this Action
Requested
Previously Approved
09/30/2020
09/30/2020
09/30/2020
40,361,546
0
40,361,546
415,521,474
0
415,521,474
0
0
0
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 Form 8974 was developed to determine the portion of
the elected amount that can be claimed for the quarter on the Form
941. The new Form 7200, Advance Payment of Employer Credits Due to
COVID-19, is used to request an advance payment of the tax credits
for qualified sick and qualified family leave wages, and the
employee retention credit.
Pursuant to the Office
of Management and Budget (OMB) procedures established at 5 CFR
1320, the Internal Revenue Service (IRS) requests that the
following collection of information, Employer's Quarterly Federal
Tax Return, be processed in accordance with section 1320.13
Emergency Processing. The IRS has determined that this information
must be collected prior to the expiration of time periods
established under Part 1320, and that this information is essential
to the IRS’s ability to effectively implement Division G of P.L.
116–127, the Families First Coronavirus Response Act and Section
2301 of P.L. 116-136, the Coronavirus Aid, Relief, and Economic
Security (CARES) Act, addressing the economic disruption stemming
from the Novel (new) Coronavirus (“2019-nCoV”) global pandemic. New
Form 7200 was developed for an employer to receive an advance
payment of the refundable portion of credit for qualified sick and
family leave wages or compensation pursuant to Division G of the
FFCRA, and to receive an advance payment of the refundable portion
of the employee retention credit pursuant to Section 2301 of CARES,
that will be claimed on Form 941, Form 943, Form 944, or Form CT-1.
Because an employment tax return isn’t filed until some period of
time (generally, a month after the end of the quarter for which
wages are being reported) after wages are required to be paid, an
employer may not be able to fund the sick leave or family leave
required by the FFCRA, or fund the qualified wages under CARES Act.
This may create financial hardship to businesses that are unable to
request an advance payment, so the agency is requesting an
emergency approval of Form 7200. Given the critical impact of the
global pandemic of 2019-nCoV, and the damaging effects on the US
economy, Treasury has directed an extremely expeditious
implementation of the new legislation, to be able to inject the
necessary funds to the impacted employers. As a result, Treasury is
unable to consult with the public prior to issuing the forms,
however the IRS has ample experience designing other similar forms
in a way that is clear and minimizes burden. Also, due to the
nature of this ICR, being voluntary and only one avenue to receive
the benefit of the tax credit (the preferred and recommended avenue
is for employers to reduce their FICA deposits, as noted in the
Form 7200), the estimated number of respondents, and the associated
burden is extremely preliminary and provided only to comply with
the requirements of 5 CFR 1320.3. Updated burden estimates will be
provided as part of the renewal of OMB #1545-0029, Employer's
Quarterly Federal Tax Return. Treasury requests approval of the
submission by March 31, 2020. Given the inability to seek public
comment during such a short timeframe, Treasury requests a waiver
from the requirement to publish notice in the Federal Register
seeking public comment during the period of OMB review. Public
comment will be solicited in conjunction with any future extension
of the approval to collect this information.
US Code:
26
USC 3501 Name of Law: Collection and payment of taxes
US Code: 26
USC 3102 Name of Law: Deduction of tax from wages
US Code: 26
USC 3405 Name of Law: Special rules for pensions, annuities,
and certain other deferred income
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
US Code: 26
USC 3511 Name of Law: Certified professional employer
organizations
US Code: 26
USC 3111(d) Name of Law: Rate of tax
PL:
Pub.L. 116 - 127 7001 ad 7003 Name of Law: Families First
Coronavirus Response Act
PL:
Pub.L. 116 - 136 2301 Name of Law: Coronavirus Aid, Relief, and
Economic Security (CARES) Act
PL: Pub.L. 116 - 127 7001 and 7003 Name of
Law: Families First Coronavirus Response Act
PL: Pub.L. 116 - 136 2301 Name of Law: Coronavirus Aid, Relief, and
Economic Security (CARES) Act
There has been an increase in
burden with the addition of new Form 7200, Advance Payment of
Employer Credits Due to COVID-19. This form is used to request an
advance payment of the credit for qualified sick and family leave
wages, and the employee retention credit, and was developed due to
the passage of PL 116-127, Sec 7001 and 7003, (Families First
Coronavirus Response Act) and PL 116-136, Sec 2301 (Coronavirus
Aid, Relief, and Economic Security (CARES) Act). The new form
caused an increase in annual time burden hours of 13,496,616 (from
402,024,858 to 415,521,474 hours). The annual respondents/responses
increased by 1,500,000 (from 38,861,546 to 40,361,546).
$12,235,028
No
Yes
Yes
No
No
No
Yes
Michael Ecker 202
622-3144
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 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
1545-0029 Non-Substantive Change Justification 2020-04-07.docx
1545-0029 Emergency Justification Memo 2020-03-31_Signed.pdf
Forms 941, Employer's Quarterly Federal Tax Return; American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands