941x refund reddit. The wait was 36 weeks, or 8 1/2 months.

941x refund reddit But it does not show the 846 date yet which shows the date the refund will deposit. I appreciate that advice. When using Form 941-X to make an ERC claim amendment to a previously filed form 941, you’ll most likely be required to edit or update the following entries: Most states I've worked with use the taxable income calculated on the federal return and do not allow you to make adjustments to the income calculated on the federal return for below the line federal tax credits. The statue of limitation for filing 941-X has passed. I finally determined that I did NOT need to check either box in 5a or b after reading the instructions for the 941-x. I have already received 2 notices asking for an addition 60 days to process these requests, when the notices come, they all come on the same day. Form 941-X is a key piece in the process. I have filed ERC 941X-s for around 40 clients. One received their check and letter accepting the change on Saturday 03/12/22. Suite or room number . I amended the prior quarter which was processed within a month. Good morning! Quick question on filing a 941-x. To claim the Employee Retention Credit as a refund on Form 941-X: a. What's New Changes to Form 941-X (Rev. I know when filing our federal taxes, we will need to reduce the deductions by that amount. There are potential problems either way. (1) A practitioner may not willfully, recklessly, or through gross incompetence — (i) Sign a tax return or claim for refund that the practitioner knows or reasonably should know contains a position that — (A) Lacks a reasonable basis; (B) Is an unreasonable position as described in section 6694(a)(2) … or (ii) Advise a client to take a I filed for the Employee Retention Tax Credit in 2021 by amending 3 quarters of my business' 2020 Employer's tax return. The wait was 36 weeks, or 8 1/2 months. October 2020) Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund Department of the Treasury — Internal Revenue Service OMB No. Nov 4, 2021 · We paper filed a 941X for Q1 2020 and one for Q2 2020 in March 2021 for a client - they just received the Q1 refund check on November 24th, 2021. About 8 months for the one that received their check, let’s see how long the others take. $100K). Yes. What would we have have to do when we get our ERTC refund check from 2020? Would we have to file a 1120X? 1040X? We are an LLC that is taxed as an S-Corp. ) then please contact me on my tele too. The… made on Form 941 or 941-SS. All of the corrections described below were discovered and calculated on 11/6/2021. Form 941-X is used by employers to correct errors on a Form 941 that was previously filed. I called once before and was told it would take up to 11 weeks and is quite past that now. While this is a useful tool, determining how to claim your credit can be difficult. Form 941-X has If you compare Q4 2020 to Q4 2019 and are down at least 20%, the business qualifies for Q1, 2021 and you would calculate the ERC and file the 941-X for Q1 2021. Form 941-X: (Rev. ERC started as early as Mar 13, 2020. As of right now, they're still waiting on the refund check for the 4th quarter 2021 amended 941. You will also continue to use Form 941-X to make corrections to the credit for qualified sick and family leave wages for earlier quarters if the period of limitations is still open. The draft has a revision date of April 2024. Specific Instructions: Use a separate Form 941-X for each quarter that needs correction. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address May 1, 2024 · Four lines on the draft Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, were marked “reserved for future use,” the IRS said in the draft instructions. In summary: Filed Jan 24 Called Feb 20: per rep all was well. July 2021) Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund Department of the Treasury — Internal Revenue Service OMB No. Sep 14, 2023 · This document offers detailed instructions for completing Form 941-X, Adjusted Employer's QUARTERLY Federal Tax Return or Claim for Refund, including information on future developments, updates, reminders, and a comprehensive guide on filling out the form correctly. April 2024) Department of the Treasury — Internal Revenue Service OMB No. 4 days ago · Before you file a second tax return. The client then had to pay their individual tax separately while waiting for their 941-X refunds. Hi, when amending the 941-x for 3rd and 4th Qtr 2020 I had the same question that you had about which boxes to check. So for mine our refund starts getting dispatched June 14th, so then they typically what you to make a refund preference a couple weeks before. Don’t attach this form to Form 941 or 941-SS unless you’re reclassifying workers; see the instructions for line 36. I have the direct deposit and it’s always been a couple days after!! Aug 3, 2021 · Employers who mistakenly failed to take advantage of the ERC in the first two quarters of 2021 can still take advantage of the ERC by filing a Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, described below. It sounds like OP wants something that he or she can prepare a 941-X from and will need that detail. I only need to correct box 2 of the form, I included SIMPLE IRA deferred compensation incorrectly. If your business is eligible for the Employee Retention Credit, form 941-X can be used to file for the ERC retroactively as long as you submit it within the IRS’ deadlines. an amended return or claim for refund or credit when the amended return or claim for refund or credit was filed within 120 days of the taxpayer’s receiving a written notice of the examination of, or a written challenge to, the original tax return 2. district court where the taxpayer resides (or where the corporation has its principal place of business), or in the Court of Federal Claims. Filing the same tax return again typically won't speed up your refund and could cause delays. Received refund check today from the IRS. Should the W2-W3c be filed anyways even if the 941-X's can't be filed for those years? As the title says, I filed 5 941-x’s to claim the ERTC in the end of October. I have filed for a few clients ERC refunds back in early October. Utilize Form 941X to rectify tax-reported mistakes, such as overreported taxes or underreported tax amounts; File a different Form 941-X for each inaccurate Form 941; Usage. Parent's tax return rejected because I mistakenly said I wasn't a dependent on mine, but I was actually claimed as a dependent for part of 2020. Sep 7, 2022 · Preparing Form 941-X: Use a separate Form 941-X for each Form 941 that you are correcting. I reconciled their account so I know they owe this money. Ways to File Form 941: Form 941 is a Quarterly form needed by employers to report Employment Taxes withheld. It does show a refund tho. Get the Reddit app 941-X Processing Time for ERC Refunds A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U. Complete the company information on each page, the “Return You’re Correcting” information in the upper right corner and enter the date you discovered the errors. I suggested they have the DE9 (California payroll tax return showing gross wage by employee) and the payroll register incase they can fax it over on the spot. I never made that election, so I'm going forward with 941-x. Does anyone know the processing time and when the clients can expect refund checks? Had anybody filed Form 941X in order to obtain Employee Retention Credit? How long did it take to get your refund once you mailed your Form 941X? Thanks for sharing. Take a look at page 7 of the IRS instructions at the bottom right. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. State . Checking the Status of the 941-X Refund IRS ERC Refund Status Delays. Return showed a refund of $70K (14 employees, all of whom earned at least $10K that quarter) but the check was for some oddball amount in the $50K range and we can't figure out why they were shorted. Form 941-X is filed to correct Form 941 or Form 941-SS. I filed a 941X amendement mid May and was hoping to see the refund/credit for keeping my employees on the payroll. We received refunds on Q1 2021 after ADP efiled 941 within about 4-5 weeks. The 941/941X doesn’t really provide much insight to how the credit was arrived at, just a few resultant numbers and the refund requestedI mean to truly audit or review , you’d need detailed payroll records and PPP forgiveness info, shutdown info, revenue info. All he could tell me is that they had entered Q2, Q3 2020 and Q1 2021 into the system sometime in July. Learn about the basics, importance, and steps involved in the 941-X refund, understand your refund status, and discover how to address delays and correct errors effectively. Mine is currently in progress as well, I haven’t gotten an email saying I can change mine though. I included a copy of the originally filed return as well as the corrected copy that shows the deposits have been made, including all copies of the EFTPS payments with confirmation numbers. If you’re adept in refunding and just need refund services (Instant LIT scans, weighted LIT, PayPal UA etc. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address Use a separate Form 941-X for each quarter that needs correction. I filed a 941-X for each quarter showing $0 wages and taxes due to claim a refund. You can then click on the “My Account” tab and select the “Payments” options. Also as expected, the firm didn't sign as a paid preparer either. Check had ERC refund + interest (approx. October 2020) for coro-navirus (COVID-19) related tax relief. 3-4 quarters for each client. I sent a Form 1040-X and it was delivered end of Feb/early March but the amended return status is still "unavailable. You should resubmit your tax return, electronically if possible, only if all of these apply: You are due a refund; You filed on paper more than 6 months ago; Where’s My Refund doesn’t show that we received your A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address Dec 7, 2022 · Form 941-X is the Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund document that you will submit to the IRS when you previously filed Form 941 and need to correct it. The IRS couldn't move the payments over since they were different tax types. So now I have to file a 941-x to fix the record and send the voided refund check back with my 941-x. How do I account for those funds? Form 941-X: Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund (Rev. I was able to get through to someone at the IRS (1hr 30 minute hold time). Share Reddit's home for tax geeks and taxpayers! News Use a separate Form 941-X for each quarter that needs correction. Check this box if you underreported tax amounts. Employers can either file paper copies or e-file Form 941. We are able to claim a portion of the Employee Retention Credit (ERC) for Q2 2020 (S corp). I watched a video this morning on the 941x because I have a client about to receive a huge credit of over $1mil. That is when we received a letter acknowledging processing and refund amount. I agree. Don’t attach this form to Form 941 unless you’re reclassifying workers; see the instructions for line 42. Businesses that did not withhold payroll taxes in advance will still receive the combined amount of these two amounts (Form 941-X, Line 27). The 2nd amendment should use the 1st amendment as the "originally filed" amounts. Mechanics of the Form 941-X refund claim for ERC require you to split the credit between a non-refundable (941-X, Line 18a) and refundable portion (941-X, Line 26a). I've read that a turnaround time of about 12 months or more is possible with the ERC, but I find it odd that all three amended 941s were sent out at the same time, but only one Form 941-X: (Rev. I see they did reduce my refund. Information about Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, including recent updates, related forms, and instructions on how to file. Bought the new COD and accidentally bought the standard edition without the series x edition. This doesn’t affect the taxes collected/paid as that was correctly reported. An unnamed large payroll company had created 2 employee files for the same employee since he was bing paid in 2 states. Things to note about my refund though that might differ from the majority: MFJ, 4 dependents, $22k Fed refund, standard deductible taken, two w-2, one 1099-R. The only way to do so is to file an amended 941X for that quarter. Mine is also doing the same thing filed in February bar disappeared and then received letter in mail stating they needed 60 more days to process my return this was 95 days ago have heard nothing else then all of a sudden the bar pops up and I was hoping for progress and here we are it says it can’t find my refund hopefully my transcripts update Thursday I’ve called the irs countless times Thanks for getting back to me. Unfortunately, we also have already filed our 1120S and personal 1040 tax returns. Use a separate Form 941-X for each quarter that needs correction. So we recently submitted 941x's for 2020 to retroactively receive ERTC credits from last year. The IRS did issue the refunds. I was going to call the IRS and advise them not to return it but rather process the 941 amendments first. However, they still haven't received their individual income tax refund either (shows 'still processing'). General Instructions: Understanding Form 941⁠-⁠X. IIRC it will just show total tax per the return and the deposits against it. The IRS is experiencing significant and extended delays in processing - everything. I haven't been very happy with the experience I've had so far, and after talking to a more experienced colleague who worked for the IRS for a number of years I decided to take a more hands on approach so I understood what the hell was going on. So it looks to be about an 8 month turnaround for paper filed 941X's. Today I used it for the first time and it's great. The large refund size may make mine take longer than others unfortunately. Turnaround time on first 941-X we filed was four months. Posted by u/Hrmonious - 1 vote and no comments My tax refund with turbo tax was accepted on 1/19/2023. Most of those forms are likely Employee Retention Credit refund claims. You MUST complete all five pages. Client called me yesterday to tell me they got their refund check for a 941-X for 2020Q4 which was filed in March. Other catches: Constructive ownership can disqualify people. If form 7200 backlog lightens, it seems like that may be most tactical/expedient way forward. See page 5 for additional guidance. However, I originally sent this stuff in back in November and that is when they replied with the above message regarding it being on a 941X. April 2024) Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund Department of the Treasury — Internal Revenue Service OMB No. Type or print within the boxes. There is no other change to any amounts except to add the claim for the ERC. Now they have to ammend the tax return again to claim a refund. If you prefer to paper file, you have to mail the paper copies of your Form 941 to the IRS, Make sure that you have the correct 941 mailing address. that the IRS have processed and will be sending out 2020 941X ERC refund check with the Reddit community in Then they say, they don't know of any PEO that's received an ERTC refund. If they're down at least 50% for Q4 2020 as compared to Q4 2019 they also qualify for Q4 2020. I haven’t received the deposit yet. Same day label edits, next day packages dropped, 15% commission with payment after refund success/confirmation. But what is it, and how do you fill out […] OK, Crazy scenario. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address In general, Form 941-X is used by employers to file either an adjusted employment tax return or a claim for a refund or abatement. Immediate asked for a refund and it didn't even take a minute for the money to be refunded. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. 1545-0029. Received 2022 Jericho 941 with nitrided barrel, return it? I received a 941 with nitrided barrel and 2 peice slide, I can reject at the FFL are there any significant quality control issues? Locked post. Page 1 of the 941x requires me to check one of three boxes for line 4. The IRS created X forms , including 943-X, 944-X, 945-X, and CT-1X, so businesses could “report adjustments to employment taxes and to claim refunds of Navigate the complexities of the 941-X refund process with this comprehensive guide. ETA: Be sure to charge for the 941-X filing. Our 2020 941-X forms were delivered to the IRS on April 4th. OP, you can try calling in and seeing if the agent on the other line can pull up the return in question and have them read out the lines to you. Actual check for refund came a few days later. If the refund check ends up being for a different amount and received in 2022, I will correct it on the 2022 1120S with something like "Difference from 941X". Amazing! Form 941-X: (Rev. The IRS notice states "the credit is not available for the Mar, 31 202 Form 941 account". However, we won't receive the refund check until well into 2021. If a line on Form 941-X doesn't apply to you, leave it blank. ” The only workarounds seem to be either running a last payroll with two items, one that adds to a new, ERC active payroll item and one that subtracts from whatever payroll item you normally use for wages, or just filing the 941 without the credit and then amending it as QB still lets you put whatever you want on the 941-X. I had my accountant call six weeks ago and they were supposed to put a hold on it until the amended return was processed. When completing Form 941-X, it is important to provide a detailed explanation of all the corrections being made and to ensure that the correct version of the form for the relevant year is used. 2 On my tax return transcript. and International, Federal, State, or local. What’s weird it shows an IRS tax return filing (150 date )received date of March 14 when I filed Jan 24. Never expected refund to work. Corrections are needed because we were not aware of ERC when our original Form 941 was filed. 941 941-SS We just had an ERC refund 941-x rejected. Aug 3, 2021 · Employers who mistakenly failed to take advantage of the ERC in the first two quarters of 2021 can still take advantage of the ERC by filing a Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, described below. Form 941-X is also used to claim refunds or abatements that you qualify for but didn't claim on your initial Form 941, such as the ERC. Had one client file 941-X in Feb for Q4-20. As a volunteer treasurer of a local nonprofit, I am filing 941-X forms to amend previous quarter 941s to claim the refundable Employee Retention Credit, which the nonprofit did not claim when filing originally. April 2023) Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund Department of the Treasury — Internal Revenue Service OMB No. You MUST complete all three pages. Imagine a worse scenario where the credit is paid out, return is amended and then the credit is reversed in an audit 3 years later. What Is the Purpose of Form 941⁠-⁠X? Where Can You Get Help? When Should You File Form 941⁠-⁠X? Is There a Deadline for Filing Form 941⁠-⁠X? Where Should You File Form 941⁠-⁠X? How Should You Complete Form 941⁠-⁠X? Overview of the Process. If the IRS ends up having an issue, and I would bet a LOT against this ever happening, I'll let them correct the difference between tax years, likely with no marginal tax difference. The IRS has to be receiving hundreds of thousands of 941-Xs. ZIP code Form 941-X: (Rev. There is a ton of money in the ERC, and I doubt much of it will ever be audited since you submit so little info with the 941 or 941-X. 1545-0029 . Return You Are Correcting Check the type of return you are correcting: 941. Do not attach this form to Form 941 or 941-SS. Number . A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U. S. Please help. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address a. April 2022) Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund Department of the Treasury — Internal Revenue Service OMB No. Adjusted employment tax return. I received a notice that my assets will be levied in 30 days because I was expecting a refund of payroll taxes to cover the liability. Also check this box if you overreported tax amounts and you would like to use the adjustment process to correct the errors. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address Form 941-X: (Rev. You MUST complete all four pages. Street . My confirmation email came in at 15:49 and the refund email at 15:50. City . The process of filing a 941x refund involves completing a new Form 941-X, also known as the Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund. Filing a Form 941-X before filing a Form 941 for the quarter may result in errors or delays in processing your Form 941-X. In fact one I'm looking at right now, Utah, specifically prohibits it in Utah Code 59-10-110. There is a substantial disparity in the quality of work out there. Filed about 10 941x’s in late July 2021. 941x return were filed with the only explanation in box 43 being the following: "we are amending 941 to claim the erc" that was it, no actual explanation of how / why they may have qualified. This is not PPP related. It is crucial to note that a 941x refund can only be filed after the original Form 941 has been submitted. Check the ONE quarter you are correcting: 1: January, February, March. I just need the 941 wages to match the SSA wages. Besides waiting for the tax and penalty to be assessed, is there any options for trying to pay these taxes, even without the assessment. Now if all that wasn't good enough, here is the real icing on the cake. However, there are also a lot of CPAs and tax preparers that refuse to sufficiently equip themselves as to what a “partial suspension” of business One of my clients just got one of these a couple months ago. Delivered to Ogden end of July, USPS return receipt arrived mid august 2021. It is possible to check the status of your 941-X refund by logging into your account on the IRS website online tool. I got concerned because many of these were completed in May and June 21 and NONE of my clients have received refunds. My accountant recently urged me to inquire with the IRS about it when he noticed that the refund amount was still outstanding, so I called them twice and was told both times that they had no record of receiving my 941-X amendments. 941 941-SS We are filing this Form 941-X in order to claim the Employee Retention Credit (ERC). Part 1: Select ONLY one process. Also submitted 941-X for Q2 2020 in early February and have not received any notification or refund check on that one. They say the reason is the IRS prioritized electronically filed forms first. A taxpayer who has not received from the IRS the notice of disallowance of the refund claim within six months from the date of filing the refund claim may file a “suit for refund of taxes paid in the U. 941-SS. Any updates/additional intel would be appreciated. Example: Business under reported SS/Medicare tax on 2015 Q4 941. Employer identification number (EIN) — Name (not your trade name) Trade name (if any) Address . My 1st measure is to have staff call the number on the notice and explain the situatation (I wrote them a prompt). No they didn't, no one can electronically file a 941-X. . The October 2020 revision of Form 941-X updates Form 941-X to allow it to be used to make corrections to the deferred amount of the employee share of social security tax for the third and fourth quarters of 2020. 941 941-SS Apr 21, 2021 · I filed Q1-Q4 2020 and Q1 2021 941x in May- still have not received refund. References to Form 941 on Form 941-X and in these instructions also apply to Form 941-SS, Employer's QUARTERLY Federal Tax Return (American Samoa, Guam, the Commonwealth of the Northern Mariana Jul 19, 2023 · The government implemented the Employee Retention Credit (ERC or ERTC) to help business owners reduce the strain of the COVID-19 pandemic. File another 941X. Should the W2-W3c be filed anyways even if the 941-X's can't be filed for those years? Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. " They received the refund checks for quarters 2 and 3 in December 2021. an original tax return; or b. Return You’re Correcting Check the type of return you’re correcting. 941 941-SS May 23, 2024 · The latest IRS data shows that it had 1,057,000 unprocessed Forms 941-X as of December 9, 2023. The fees charged by ERTC firms are generally not specific to preparing a tax return (and many don’t even prep the 941-X). Check Part 1, Box 2 b. Equip yourself with the tools to ensure accurate tax reporting and compliance with federal regulations. zll ihurcfv plhkh hlpnp bgtgqo dwbnj plgp qgbl waolcq waled unuluwx aekwjd szdtncji vqkmksh rafm