COVID Tax Tip 2020-157: Common errors to avoid when claiming employer tax credits
Internal Revenue Service (IRS) sent this bulletin at 11/18/2020 09:35 AM EST
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Issue Number: COVID Tax Tip 2020-157Common errors to avoid when claiming employer tax credits Employers who are filing Form 941, Employer's Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes. Using a reputable tax preparer including certified public accountants, enrolled agents or other knowledgeable tax professionals can also help avoid errors. Mistakes can result in a processing delay or a balance due notice, which could mean a delay or require filing an amended return. Here are some common mistakes to avoid when completing Form 941:
Employers using third-party payers or reporting agents must tell their third-party payer or agent they requested and received an advance payment of credit. These third-party payers and reporting agents should also ask employers if they requested and received an advance payment of credit using Form 7200, Advance Payment of Employer Credits Due to COVID-19. More information: Share this tip on social media -- #IRSTaxTip: Common errors to avoid when claiming employer tax credits. https://go.usa.gov/x7UUY Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. |