@Kearney The only thing that option will affect is the rate of federal income tax withholding for the employee in question.
Changing it will not affect already existing paychecks; it will only affect future paychecks.
Your question is a bit vague, but the short answer is no, it will not change your Quarterly Reports, although it will likely cause your future reports to show less Federal Withholding than the 2019 or Earlier W4s.
The 2020 and later W4s have lower withholding tables in general.
