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IRS issues draft of revised Form 941-X

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Tax Hot Topics newsletter The IRS recently issued in a five-page, revised version of a draft Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, including new and revised lines that allow employers to report corrections related to the revised 2021 Form 941, Employer’s Quarterly Federal Tax Return. The IRS released the former finalized version of the revised Form 941—for use in the second through fourth quarters of 2021—on June 24, 2021.

New lines on the draft Form 941-X consider the COBRA premium assistance credit established under the American Rescue Plan Act of 2021. The form also allows adjustments related to employment tax credits for qualified paid-sick or paid-family leave wages paid starting April 1, 2021, that are attributable to leave taken before March 31, 2021.

Additionally, Lines 35 to 40 in Part 3 of the draft form are proposed to apply only to quarters starting after March 31, 2021.

Contact:
Jeff Martin
Partner
Washington National Tax Office
T +1 202 521 1526

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