FinanceRegs.com » Filing errors: What you need to know to fix ‘em

Filing errors: What you need to know to fix ‘em

December 22, 2008 by Carol Katarsky
Posted in: Best practices, Hiring & training staff, In this week's e-newsletter, Internal controls, IRS regs, Latest news & views, Tax compliance

Despite your best efforts, eventually an error will sneak its way into one of your payroll tax returns. When it happens, you need to know IRS’ new procedure.

There’s a new rule in effect for 2009: In the coming year, you’ll need to file the new Form 941-X when you realize a mistake has been made.

Even though the new procedure involves filing a new form, it should actually be easier than the “old” way of making corrections: You can file the correction right away instead of waiting for your next quarterly report (and hoping you don’t forget it.)

Form 941-X can be used to report over- or underpayments. It’s expected to be available by early February, so it’ll be ready for use in the first quarter of ’09.

Click here to see a draft version of the form.

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