Purpose of 941-X
The purpose of Form 941-X is to correct errors on a Form 941 that you previously filed.
Due Date:
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If you discover an error in
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Form 941-X is due
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1.
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January, February, March
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April 30
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2.
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April, May, June
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July 31
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3.
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July, August, September
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October 31
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4.
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October, November, December
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January 31
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What is new?
- Social security tax rate for 2011. The employee social security tax rate is 4.2% and the employer social security tax rate is 6.2% (10.4% total). Be sure to use the correct rate when correcting amounts reported on lines 8 and 9.
- Section 3121(q) Notice and Demand—Tax due on unreported tips. A new line has been added to Form 941 for reporting social security and Medicare taxes on unreported tips. An employer now reports the amount of the taxes shown on the Section 3121(q) Notice and Demand on line 5e of the employer's Form 941 for the calendar quarter in which notice and demand is made. Any errors discovered on previously filed Forms 941 for these taxes are corrected on line 11 of Form 941-X. In addition, any errors relating to Section 3121(q) Notice and Demand amounts reported on line 7c of Form 941 (for quarters ending before January 1, 2011) should be corrected on line 11 of Form 941-X.
- Qualified employer's social security tax exemption expired. The qualified employer's exemption for their share (6.2%) of social security tax on wages/tips paid to qualified employees expired on December 31, 2010. Any errors discovered on previously filed Forms 941 (for quarters ending after March 31, 2010, and before January 1, 2011) for this exemption are corrected on lines 12a–12c of Form 941-X.
- Advance payment of earned income credit (EIC). The option of receiving advance payroll payments of EIC is no longer available after December 31, 2010. Corrections to advance payroll payments of EIC made before December 31, 2010, can be made on line 18.
To learn more: http://www.irs.gov/instructions/i941x/ch01.html#d0e329
