What is 'Period of limitations'?
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For the previously filed Form 941, you can adjust the overreported taxes within 3 years from the date you filed the return or within 2 years from the date you paid your tax, whichever is later. Similarly to correct underreported tax on previously file Form 941, you have to file Form 941- X within 3 years from the date of filing 941. This timeframe is called as 'Period of limitation' by the IRS.