Summary of changes

IRS - OMB REVIEW REQUEST FORM
Request for OMB review of currently approved document:
Date:

05/19/2010

Name: Form

941-M

Office Symbols:
Phone Number:

Summary of Changes
Form 941-M is used by employers to report monthly on income tax withheld (from wages and other compensation) and
social security and Medicare taxes. The changes to the 2nd Quarter 2010 Form 941-M 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 employer’s 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-M
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 employer’s 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-M, 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 25,200 hours.

Impact on Approved Collection
Public
Law No.

Regulation
No.

Other
Code
References

SAMPLE:
PL 109-567

REG-345675-08

RP 2009-134

+/- 5

Change In IRS Form
& Instructions
No. of Filers
Words

+/- 20,000

+/- 500

Attachments

+/- 1

*Please insert how this new (PL, REG, or other), document will affect the currently approved collection.