OMB understands
that the IRS is currently in the process of revising the
methodology it uses to estimate burden and costs. OMB expects that
future ICRs under this OMB control number will include dollar
estimates of annual burden costs to taxpayers calculated using this
revised methodology.
Inventory as of this Action
Requested
Previously Approved
12/31/2023
36 Months From Approved
12/31/2020
40,361,546
0
40,361,546
580,656,074
0
578,219,960
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.
PL:
Pub.L. 116 - 127 7001 ad 7003 Name of Law: Families First
Coronavirus Response Act
US Code: 26
USC 3501 Name of Law: Collection and payment of taxes
PL:
Pub.L. 116 - 136 2301 Name of Law: Coronavirus Aid, Relief, and
Economic Security (CARES) Act
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 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 have been significant
changes to the Form 941 (PR) series, that were not captured under
the prior emergency submission. The changes allow for the reporting
of new employment tax credits and other tax relief related to
COVID-19. The estimated burden has increased due to the changes to
the Puerto Rican versions of the form 941 and 941 X. The changes to
the overall annual time burden are as follows: Form 941 (PR)
increased by 1,383,114 hours (from 2907125 to 1524011). Form 941 X
(PR) increased by 1,053,000 (from 2260500 to 1207500).
$12,235,028
No
Yes
Yes
No
No
No
Yes
Shameeka Brown 240
613-5750
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 8974 Form 8974 Qualified Small Business Payroll Tax Credit for Increasing Research Activities
1545-0029 SS 2020-08-26 renewal.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