OMB is approving
the revision to the existing collection as a non-sub change due to
the recent emergency approval of the collection. OMB is approving
the forms attached to this ICR change request on the basis that the
only change made in the version released to the public for filing
will be the removal of draft cover page language and watermarks.
Treasury will submit a further ICR change to reflect the final
version of the forms without that draft language concurrently with
the forms' release to the public. 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
578,219,960
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 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
US Code: 26
USC 3501 Name of Law: Collection and payment of taxes
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
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. The Form 7200 was
released in March 2020 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 now be claimed on second quarter Form 941, Form 941-SS,
or Form 941-PR. Significant changes were made to Form 941 series to
allow for the reporting of new employment tax credits and other tax
relief related to COVID-19. The estimated number of respondents and
the associated burden have been updated to reflect the changes but
are 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 in September 2020. Treasury requests approval of the
submission by June 18, 2020 accommodate upcoming second quarter
filings which are due on July 31. 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 the upcoming
renewal of this collection. The Internal Revenue Service (IRS)
requests a non-substantive change to OMB Control No. 1545-0029,
Employer's Quarterly Federal Tax Return, in order to update the 941
series forms to incorporate provisions of recent legislation. In
March 2020, the IRS revised 1545-0029 under emergency procedures in
order to 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. The new Form 7200 was
added during that revision, enabling employers 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 the CARES Act, that will now be claimed on second quarter Form
941, Form 941-SS, or Form 941-PR. Given the urgency of the pandemic
response it was not possible to include updates to the Form 941
series during the previous revision, however updated versions of
the Form 941, 941-SS and 941-PR are now being added for usage in
the quarterly filings due on July 31. These forms incorporate
fields for the reporting of new employment tax credits and other
tax relief related to COVID-19. The estimated number of respondents
and the associated burden have been updated to reflect the changes,
but are preliminary. Updated burden estimates will be provided as
part of the renewal of OMB #1545-0029, Employer's Quarterly Federal
Tax Return in September 2020.
$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 7200 Advance Payment of Employer Credits Due to COVID-19
1545-0029 Non-Substantive Change Justification 2020-06-18.docx
Forms 941, Employer's Quarterly Federal Tax Return; American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands