Form 941-X

Form 941-X

A form a company files with the IRS to amend a previously filed Form 941, which is used to declare income and FICA taxes for employees.
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Hillsboro, OR, July 11, 2018 --(PR.com)-- Edupliance announces a webinar titled, "Form 941 Compliance" which will discuss correcting errors using Form 941-X including determining when to file, whether to file for an adjustment or a claim for refund, and how to handle retroactive reclassification of workers.
31 can file Form 941-X. If the employer has satisfied the usual requirements for filing Form 941-X, including repaying or reimbursing the overcollected employee FICA tax to employees (or, for refund claims, securing consents from employees), and obtaining the required written statements from employees, the employer can write "WINDSOR" in dark, bold letters across the top margin of page 1 of Form 941-X.
Form 941-X must be filed, and the normal requirements that apply to correcting overpayments in earlier years must be followed, including the filing of Forms W-2c, Corrected Wage and Tax Statement, repaying or reimbursing employees, and obtaining the required written statements (and consents) from employees.
Under the second option, employers may file one Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, for the fourth quarter to correct these overpayments of FICA taxes for all quarters of this year.
With respect to these overpayments of FICA taxes for years before 2013, employers can make a claim or adjustment for all four quarters of a calendar year on one Form 941-X filed for the fourth quarter of such a year if the period of limitations on refunds under Section 6511 of the Internal Revenue Code (IRC) has not expired and, with adjustments, the period of limitations will not expire within 90 days of filing the adjusted return.
Beginning January 1, 2009, Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, can be used to make the adjustment, generally on an interest-free basis under Sec.
In contrast to a FICA adjustment, the employer does not make an interest-free adjustment on Form 941-X. The employer must provide the employee and the SSA with a Form W-2c reflecting additional wages for the year in which the underwithholding occurred.
Neither the regulations nor the instructions to Form 941-X address this matter.