TaxBandits Knowledge Base

Will the IRS impose penalty or interest while filing Form 941-X?

Generally, correcting an underreported amount using Form 941-X won’t result in penalties or interest if you:

• File by the due date of Form 941 for the quarter when the errors were discovered.
• Pay the amount on Line 27 at the time of filing.
• Provide the date you identified the error.
• Include a detailed explanation of the corrections.