The IRS has released yet another Form 941 effective 1st Quarter 2012 due to the continuation of the Payroll Tax Cut, which continues the Social Security portion of FICA remain at 4.2% for employee’s and 6.2% for employers. The form can be located on the IRS website.
The noted changes on the form are as follows:
- The check box under box 3 now refers to line 6 instead of line 6a
- The text box to the right of boxes 5a, 5b & 5 c has been removed
- Lines 6a & 6d which were previously shaded and indicated they are reserved for future use have been removed from the form
- Line 6e has been renumber to line 6 (Total taxes before adjustments)
- Line 10 has been revised to renumber 6e to 6 (Total taxes after adjustments)
- Line 11 previously read “Total deposits, including prior quarter overpayments” and now reads ”Total deposits for this quarter, including overpayment applied from a prior quarter and overpayment applied from Form-X or Form 944-X”.
- Line 16 check box for indicated the state or states where the tax deposits where made has been eliminated since all employers are not required to report electronically.
With the removal of the check box in item above, the remaining information has been renumbered from Lines 17 – 19 to 16 – 18.
The revised Form 941 is required to be completed and submitted by April 30, 2012 for reporting the 1st quarter taxes.