File FORM 941-X Online
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Overview
Did you make a mistake on your Form 941? No problem! Utilize Form 941-X to address any mistakes on a previously filed Form 941.
Criteria for Filing Form 941-X
The following information is required when filing Form 941-X:
- Underreported taxes – reporting less income or revenue than was received
- Overreported taxes – reporting more income or revenue than was received
If you are filing Form 941-x for underreported taxes, you must make a tax payment when you file the Form. When reporting overreported taxes, you can claim either a refund or an abatement for your next return.
When should Form 941-X be filed?
Form 941-X is required when there are errors found on a previously submitted IRS Form 941. It is used to correct various aspects, including wages, income tax withheld, taxable social security and Medicare wages, and the qualified small business payroll tax credit for increasing research activities.
Form 941-X Filing Deadline
Form 941-X doesn’t have a specific deadline; however, there is a “period of limitations” for reporting overreported and underreported taxes. The period is considered from the original Form 941 filing date, typically on April 15 of the following year for calendar-year forms.
- Overreported taxes: File within 3 years of the original Form 941 filing date or 2 years from the date of tax payment.
- Underreported taxes: File within 3 years of the original Form 941 filing date.
| Tax Year 2024 Error Discovery Period | Form 941-X Due On |
| Jan, Feb, Mar | May 1, 2024 |
| Apr, May, June | July 31, 2024 |
| July, Aug, Sept | October 31, 2024 |
| Oct, Nov, Dec | January 31, 2025 |
If you need to correct an error discovered in October, November, or December 2023 you can file a 941-X on or before January 31, 2024.
How to File Form 941-X
Completing Form 941-X with Tax1099 is easy: By following these steps, you will be able to ensure that your Form 941-X is accurate and approved:
Step 1: Create a free account on Tax1099
Step 2: Effortlessly choose the relevant quarter for your Form 941-X filing.
Step 3: Enter all necessary details into Form 941-X with Tax1099’s user-friendly interface, ensuring a smooth and error-free filing experience.
Step 4: Review the information thoroughly.
Step 5: Submit your completed Form 941-X to the IRS
Penalties for Form 941-X
Underreporting Taxes: Correcting an underreported amount won’t typically incur penalties or interest if you adhere to these guidelines:
- File on time
- Pay the amount on Line 20 when filing Form 941-X
- Specify the date of error discovery
- Provide detailed correction explanations
Interest may apply if:
- Underreported taxes relate to a prior period examination issue
- There is knowing underreporting
- You receive a notice and demand for payment
- You receive a Notice of Determination of Worker Classification
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