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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.