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Did you determine you can take the Employee Retention Tax Credit and need to submit a 941X to update your information for 2020 through the 2nd quarter 2021? Form 941-X instructions "Which Process to Use" instructions on page 6 of the form pdf. The user must complete the originally reported column and the corrected column for any item requiring correction, and any necessary data on other pages, including explanations for the corrected values. For pages 2 and 3, users only need to complete lines that Check the box on line 1. Pay the amount you owe from line 27 by the time you file Form 941-X. 2. For the claim process, file a second Form 941-X to correct the overreported tax amounts. Check the box on line 2. If you're filing Form 941-X WITHIN 90 days of the expiration of the period of limitations on credit or refund for Form 941 or Form 941-X Deadline and Important Dates. Generally, you may correct overreported taxes on a previously filed Form 941 if you file Form 941-X within 3 years of the date Form 941 was filed or 2 years from the date you paid the tax reported on Form 941, whichever is later. The IRS released a revised Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, and its instructions.Both have a July 2021 revision date. The form was significantly revised to allow for correction of COVID-19-related employment tax credits reported on Form 941, Employer's Quarterly Federal Tax Return, due to changes under the American Rescue Plan Act of 2021 Use Form 941-X to correct underreported and overreported amounts for the above. Do not file Form 941-X if you forgot to file Form 941. Instead, file Form 941. You can only use Form 941-X for one quarter. For example, if you are reporting errors for Q2 and Q3, you must use a separate 941-X for each quarter. Form 941-X instructions Preparing Form 941-X: Use a separate Form 941-X for each Form 941 that you are correcting. 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. To claim the Employee Retention Credit as a refund on Form 941-X: a. Check Part 1, Box 2. Draft instructions for Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund, were released April 28 by the Internal Revenue Service. The draft instructions were updated with reminders about the end of several Covid-19 employment tax credits. Among the guidance: Earlier in 2021, the IRS released a revised version of Form 941-X, which specifically deals with the adjusted Employer's quarterly federal tax return or claim for refund. The instructions have also been revised to help taxpayers accommodate the new reporting guidelines. The revision allows taxpayers to report and correct certain COVID-19 941-X Instructions. The teachings walk you through completing the revised Form 941-X or Claim for Refund, which is still being finalized. Multiple new and altered lines in the retention Form 941-X have been updated, which was issued on July 22, 2021, relating to revisions to Form 941, Employer's Quarterly Federal Tax Return, during the hours advanced, see the Instructions for Form 7200. To see if future legislation extends these credits, see IRS.gov/PLC, IRS.gov/ERC, IRS.gov/Form941, and IRS.gov/Fo