Are 1st Quarter 2020 payroll tax deposits and payroll returns being delayed?
Depositing and filing 1st Quarter 2020 payroll tax returns will not be delayed. Depositing and reporting include not only federal taxes but state and local tax obligations.
How is NCR handling tax credits greater than client's 941 liability?
NCR plans to apply maximum credits on a per pay basis. Employers can apply for accelerated credit payment via IRS Form 7200. Multiple 7200 Forms can be submitted as needed.
Can I take the FFCRA credit against all 941 tax types?
FFRCA credits can be applied against the 941 liability. The credit amount includes Sick wages plus employer share of medicare taxes, Family Leave wages plus employer share of medicare taxes and Qualified Health Care Expenses.
If credits are greater than the 941 liability for a payroll, employers can file IRS Form 7200 "Employers Credits Due to COVID-19" to request an immediate refund. Accelerated refunds cannot be requested if the credits have already been applied against the 941 liability. Visit the IRS site for more information.
Are there any additional credits available for employers from the CARES act?
The employer can take a retention credit as defined in the CARES ACT against the employer payroll taxes.
Can I delay my Federal 941 payment during 2020?
Based on current information, 941 deferral is only available for the employer share of social security on regular wages. As we receive more direction from the IRS, we will update this response. Please note outstanding Federal 941 deferral amounts will be the responsibility of the client.
Is there any information about state and/or local payroll tax credits?
Currently, there is no pending legislation for state and/or local tax credits.