ABC Taxes, Tips & Tools

Employ­ment tax forms are cor­rected by fil­ing a 941-X.  The due date of the amended tax return is the same as the due date of the quar­ter in which the error was discovered.

e.g.  L-corporation dis­cov­ers in Feb­ru­ary that it under-reported and under-paid employ­ment taxes for the 4th quar­ter of the pre­ced­ing year.  Since the error was dis­cov­ered in Feb­ru­ary the amended return and tax is not due until April 30th.

How­ever, Inter­est will be charged if you do not file the amended tax return AND pay the taxes by the due date.

NOTE: If you do not pay the taxes before the IRS asks for them, inter­est will be charged, there­fore it is to your company’s advan­tage to report the error and pay the taxes when the mis­take is discovered.

If you need help with this issue or any other, remem­ber, small busi­ness ser­vices and tax­a­tion are our busi­ness.  Please give Art & Busi­ness Con­sult­ing a call.  We would love to engage you as a client.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice.  Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.