Updated 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund

During the COVID-19 crisis, Form 941 was revised as new relief bills have offered opportunities for employers to qualify for credits and deferral of employment taxes. On September 11, Form 941-X was further revised to allow for corrections related to COVID-19 reported on the original Form 941 that was filed for the second quarter of the calendar year.  Form 941-X is now to be used to report corrections to the following items reported on the originally filed Form 941:

  • Corrections to amounts reported on Form 941 for the credit for qualified sick and family leave wages.
  • Corrections to amounts reported on Form 941 for the employee retention credit
  • Corrections to the deferred amount of the employer share of social security tax.

The revised Form 941-X has added several new lines in order to accommodate corrections to the newly added lines on Form 941 for these COVID-19 relief related items.  The IRS has stated that taxpayers who amended the second quarter filing either attempted to use the previous version of Form 941-X, or filed Form 941 with an “Amended” notation, should wait for correspondence from the IRS to find out if the form was processed or rejected.  Due to a large backlog of paper filings and other correspondence, the service cannot estimate when their response may be received.

Please contact your Schneider Downs tax advisor if you have any questions or would like to discuss the filing of Form 941-X.


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