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The IRS has issued 2014 Form 941-X, Adjusted Employer’s QUARTERLY Federal Tax Return or Affirmation for Refund and Instructions.
Claiming the COBRA exceptional abetment credit. Effective for tax periods alpha afterwards December 31, 2013, the COBRA exceptional abetment acclaim cannot be claimed on Form 941 or 941-SS. Instead, use Form 941-X, curve 19a and 19b, to affirmation the credit. Form 941-X should be filed afterwards filing Form 941 or 941-SS. Filing a Form 941-X afore filing a Form 941 or 941-SS for the division may aftereffect in errors or delays in processing the Form 941-X. For added information, appointment IRS.gov and access “COBRA” in the chase box. Those who are advantaged to affirmation the COBRA exceptional abetment credit, but who are not contrarily appropriate to book Form 941 or 941-SS, should book a Form 941 with -0- entered on band 12 afore filing Form 941-X to affirmation the credit.
Social aegis tax bulk for 2014. The abettor amusing aegis tax bulk is 6.2% and the employer amusing aegis tax bulk is 6.2% (12.4% total). In 2011 and 2012, the abettor amusing aegis tax bulk was 4.2% and the employer amusing aegis tax bulk was 6.2% (10.4% total). Be abiding to use the actual bulk back advertisement actual amounts on curve 8 and 9.
Period of limitations to accomplish assertive corrections expired. Generally, overreported taxes may be adapted on a ahead filed Form 941 if Form 941-X is filed aural 3 years of the date Form 941 was filed or 2 years from the date the tax appear on Form 941 was paid, whichever is later. For purposes of the aeon of limitations, Forms 941 for a agenda year are advised filed on April 15 of the afterwards year if filed afore that date.
The aeon of limitations to actual the able employer’s tax absolution on wages/tips paid to able advisers (for abode catastrophe afterwards March 31, 2010, and afore January 1, 2011); the able employer’s tax acclaim on wages/tips paid to able advisers March 19–31, 2010; and beforehand becoming assets acclaim (EIC) payments asleep on April 15, 2014, for best employers. The curve aforetime acclimated for these corrections were removed from Form 941-X. If the aeon of limitations for any of these corrections is still open, the April 2013 afterlight of Form 941-X will charge to be filed.
Correcting accomplishment and tips accountable to Additional Medicare Tax withholding. Alpha with the aboriginal division of 2013, accomplishment and tips accountable to Additional Medicare Tax denial are appear on Form 941, band 5d. Any errors apparent on a ahead filed Form 941 are adapted on Form 941-X, band 11. For added advice about Additional Medicare Tax withholding, see the Instructions for Form 941 and go to IRS.gov and access “Additional Medicare Tax” in the chase box. See the instructions for band 11 for added advice on the types of errors that can be adapted and how the alteration is appear on Form 941-X.
Aggregate Form 941. Agents charge complete Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, back acclimation an accumulated Form 941. Schedule R (Form 941) is completed alone for those audience who accept corrections appear on Form 941-X. Schedule R (Form 941) is filed as an adapter to Form 941-X. Accumulated Forms 941 are filed by agents accustomed by the IRS beneath area 3504. To appeal approval to act as an abettor for an employer, the abettor files Form 2678, Employer/Payer Appointment of Agent, with the IRS.
Section 3121(q) Notice and Demand–Tax due on unreported tips. An employer enters the bulk of amusing aegis and Medicare taxes on unreported tips apparent on the Area 3121(q) Notice and Demand on band 5f (line 5e for abode catastrophe afore January 1, 2013) of the employer’s Form 941 for the agenda division agnate to the “Date of Notice and Demand.” Any errors apparent on a ahead filed Form 941 for these taxes are adapted on Form 941-X, band 12.
Retroactive access in excludible alteration allowances for 2012. The American Taxpayer Relief Act (ATRA) added the account alteration account exclusion from $125 per accommodating abettor to $240 per accommodating abettor for the aeon of January 1, 2012, through December 31, 2012. Administration were provided instructions on how to actual the amusing aegis and Medicare taxes on the balance alteration allowances in Notice 2013-8, 2013-7 I.R.B. 486, accessible at www.irs.gov/irb/2013-07_IRB/ ar08.html.
Correcting the COBRA exceptional abetment credit. For tax periods catastrophe afore January 1, 2014, administration who fabricated COBRA exceptional abetment payments for abetment acceptable individuals were accustomed a acclaim on their Form 941 or 941-SS. Any errors apparent on a ahead filed Form 941 or 941-SS for this acclaim are adapted on Form 941-X, curve 19a and 19b. Effective for tax periods alpha afterwards December 31, 2013, Form 941-X, is acclimated to both address the absolute COBRA exceptional abetment acclaim an employer is advantaged to affirmation and actual any ahead appear credit. For added information, see the instructions for curve 19a and 19b, later. (Form 941-X, Adjusted Employer’s QUARTERLY Federal Tax Return or Affirmation for Refund, (Rev. April 2014) and Instructions).
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