Schedule R should be filed as an attachment to Form 941-X.
Generally, an employer may correct over-reported taxes on a previously filed Form 941 if the employer files Form 941-X within three years of the date it filed Form 941, or two years from the date the employer paid the tax reported on Form 941, whichever.
The lines formerly used for these corrections have been removed from the 2015 Form 941-X.Author: Rena Pirsos, XpertHR Legal Editor, april 6, 2015, the Internal Revenue Service (IRS) has released.An employer that is eligible to claim the credit should do it on Form 941-X (lines 19a and 19b) and file the form after filing Form 941 for the quarter.To request approval to act as an agent for an employer, agents must file Form 2678, Employer/Payer Appointment of Agent, with the IRS.Time limit to make certain corrections expired.Employers are reminded to use the correct rate when correcting quicken rebate 2016 amounts reported on Form 941-X (on lines 8 and 9).Notice 2015-15 on the requirements for employee consents used to support claims for refund of over-collected Social Security and Medicare (fica) tax.The updated Instructions to Form 941-X also now refer to procedures for correcting the amount of fica tax withheld and reported on Form 941 in 2014 on excess transit benefits due to the retroactive increase in excludable monthly transit benefits (under the.Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, and the.Filing Form 941-X before Form 941 for the quarter may result in processing errors or delays in obtaining the credit.
The IRS has established a web page where employers can keep abreast of developments related to Form 941-X and the Instructions, such as legislation enacted after they were published.
The updated Form 941-X instructions remind employers that the Consolidated Omnibus Budget Reconciliation Act (cobra) premium assistance credit that was available to employers for premiums paid on behalf of employees who were involuntarily terminated after May 31, 2010, is no longer available, other than.Social Security tax exemption and advance earned income credit payments expired on April 15, 2014, for most employers.Notice 2015-15 also guides employers as to what constitutes reasonable efforts if an employer cannot obtain employee consent to claim a refund of its share of over-collected fica tax.Employers must file Form 941-X on paper and use a separate copy for each Form 941 they wish to correct.Instructions for Form 941-X, updated for 2015.Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, when correcting an aggregate Form 941.April 2013 version of Form 941-X, rather than the April 2015 version.Effective for tax periods beginning after December 31, 2013, employers are required to use Form 941-X both to report the total cobra premium assistance credit they are entitled to claim and to correct any previously reported credit.Tax Increase Prevention Act of 2014 ) from 130 to 250 per participating employee for the period from January 1, 2014, through December 31, 2014.