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EFTPS - Which period should I choose?


(@shintaro)
Joined: 2 years ago
Posts: 3
Topic starter  

My client wants to start paying back the deferred employer portion of FICA (CAREs act). Does anyone know which period should I pick when making EFTPS payment? Say if deferred FICA is for 2nd Qtr 2020, should I select Q2 2020, or I should pick 2021 (the qtr we make a payment)?


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(@casey-4)
Joined: 2 years ago
Posts: 162
 

ouch, I just answered this, but it didn't show up!  

I would choose the quarter that it was for, so Q2 2020.  I can't be 1000% sure as none of my client chose to do that.  But, my thinking is, that if I forgot to pay my Q2 taxes and realized it in Q4, I would choose Q2 since that is the quarter the taxes should be attributed to. 

 


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(@shintaro)
Joined: 2 years ago
Posts: 3
Topic starter  

does it affect 941 which was filed already, though?


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(@casey-4)
Joined: 2 years ago
Posts: 162
 

Well, again, since none of my clients did this, I can't tell you how it affects the 941, but if you chose "deferred payment" somewhere on the 941 return, for Q2, then I choose that when you pay it.  Think of it differently, if you chose Q4, when it was for Q2, then Q4 would show an overpayment, equal to the underpayment on Q2, unless there is a place on the 941 to say "Paying $xxx.xx for Deferred Q2 liabilities".  You might check with the CPA for your client, or contact the IRS to be sure.


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(@shintaro)
Joined: 2 years ago
Posts: 3
Topic starter  

it make sense. Thanks Casey.


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