Write “Amended” at the top of Schedule B. The IRS will refigure the penalty and notify you of any change in the penalty. Monthly schedule depositors. You can file a Schedule B if you have been assessed an FTD penalty for a quarter and you made an error on the monthly tax liability section of Form 941.

The deferred amount is reported on Form 941 for the quarter (or on a Form 941 X for the quarter) on new line 13b. As a note, if an employer separately allowed employee Social Security deferrals, starting in September, these deferrals are also reported on Form 13b but are separately identified on line 24.

Steps for Reconciling IRS Form 941 to Payroll

1. Quarterly 941 Reconciliation.
2. Step 1: Run a payroll register for the quarter.
3. Step 2: Compare the data on the payroll register with your 941 for the quarterly period.
4. Step 3: Fix discrepancies as soon as you find them.
5. Year-End 941 Reconciliation.

Don’t staple Form 941-V or your payment to Form 941 (or to each other). Detach Form 941-V and send it with your payment and Form 941 to the address in the Instructions for Form 941. Note: You must also complete the entity information above Part 1 on Form 941.

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.

To give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer’s share of Social Security tax.

Note: The totals on Form W-3 should equal the total of all Forms 941 the tax-exempt organization filed for the year. The tax-exempt organization must use the same name on transmittals and information returns that were used on the income tax return or other returns filed under the same taxpayer identification number.

6 steps of the payroll reconciliation process

1. Step #1: Check your payroll register.
2. Step #2: Confirm employee time cards.
3. Step #3: Check pay rates.
4. Step #4: Confirm paycheck deductions.
5. Step #5: Record in general ledger.
6. Step #6: Submit payroll.

In box 1, enter the EIN, name, business name, and address. In box 2, choose a quarter for which Form 941 is being filed. For example, if you are filing the Form for the first quarter of 2021 tax year, put an “X” in the box next to “January, February, March.”

941 only to report taxes for the quarter ending March 31, 2021. The IRS expects the June 2021 revision of Form 941 and these instructions to be used for the second, third, and fourth quarters of 2021. If changes in law require additional changes to Form 941, the form and/or these instructions may be revised. Prior revisions of Form 941 are

Line 16, you have options to check any one of the boxes based on your tax liability. A monthly schedule depositor for the entire quarter, and enter your tax liability for each month of the quarter (Month 1, Month 2, and Month 3). Your total liability for the quarter must be equal to line 12 on your form 941.

Note: The totals on Form W-3 should equal the total of all Forms 941 the tax-exempt organization filed for the year. The tax-exempt organization must use the same name and taxpayer identification number when completing all transmittal documents (Forms W-3), even if the organization files transmittals from more than one location.