941 X Form 2023-2024

941 X Form: What You Should Know

If you have to adjust or make corrections in your tax records you need to use Form 941-X. Also, you need to complete the remaining Form 941 -X for the current quarter. Use of Form 941-X to correct a past tax mistake is available for the second quarter of the tax year for a period of 3 years from the date filing was due on that same form. If you have an adjusted gross income of 100,000 or less, you could use the COVID-19-Related Correction on the prior year's Form 941 instead of Form 941-X. Sep 8, 2024 — IRS is adding new COVID-19 error boxes to IRS Form 941 -X filing. Employers with adjusted gross incomes of 100,000 or less, and who did not file a COVID-19 return for any of the 5 last 9 tax years, are required to use the COVID-19 correction on the prior year's Form 941 instead of Form 941-X. It also must be filed by the due date. If you do not use the COVID-19 correction on your return, the correction must be done by  (i) February 22, 2024. If you don't do this, you must file Form 940-X or Form 940PF -X for that year only and the IRS will cancel the COVID-19 correction on that form, leaving you liable for the tax under the tax rules for the 2 prior years. Oct 15, 2024 — If you filed Form 941-X or Form 941-SS in previous years and did not complete one  correction of a tax return for the previous year, or if you did not correct a past due tax obligation, there is no need to do so this current year, because these mistakes had already been corrected by the time of filing on this current year's Form 941-X or Form 941-SS. Jan 5, 2024 — If you have underreported gross income for the past 9 years, you may need to make a COVID-19 filing correction for the second quarter of tax year. If you have a new employer by Jan 3, 2023, you can correct a deficiency that resulted from the new employer.

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