941-X: 4. Certifying Overreporting Adjustments, Form Instructions (2024 updates)

The “Certifying Overreporting Adjustments” section is listed as question #4 under Part 2 of Form 941-X, which is needed to claim the employee retention tax credit. Instructions are below for the Certifying Overreporting Adjustments section.

Key 941-X Tax Form Takeaways:

  • Importance of Correct Certification: Ensure accuracy when certifying overreporting adjustments to claim Employee Retention Credits effectively. 
  • Detailed Employee Statements Required: Obtain written statements from affected employees for overcollected taxes in prior years to support adjustment claims.
  • Multiple Adjustments Possibility: Check appropriate boxes on Form 941-X for various tax overreporting situations to correctly reflect all necessary adjustments.

See Important 2024 Employee Retention Tax Credit Deadline Information at the Bottom of This Article.

Form 941-X:

4. Certifying Overreporting Adjustments

Part 2: Complete the certifications.

4. If you checked line 1 because you’re adjusting overreported federal income tax, social security tax, Medicare tax, or Additional Medicare Tax, check all that apply. You must check at least one box.

I certify that:

a. I repaid or reimbursed each affected employee for the overcollected federal income tax or Additional Medicare Tax for the current year and the overcollected social security tax and Medicare tax for current and prior years. For adjustments of employee social security tax and Medicare tax overcollected in prior years, I have a written statement from each affected employee stating that he or she hasn’t claimed (or the claim was rejected) and won’t claim a refund or credit for the overcollection.

b. The adjustments of social security tax and Medicare tax are for the employer’s share only. I couldn’t find the affected employees or each affected employee didn’t give me a written statement that he or she hasn’t claimed (or the claim was rejected) and won’t claim a refund or credit for the overcollection.

c. The adjustment is for federal income tax, social security tax, Medicare tax, or Additional Medicare Tax that I didn’t withhold from employee wages

Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund

Part 2, “4. Certifying Overreporting Adjustments“ from Form 941X published by the Department of the Treasury – Internal Revenue Service (IRS), OMB No. 1545-0029, revised in April 2022.

Instructions for Form 941-X:

4. Certifying Overreporting Adjustments

If you overreported federal income tax, social security tax, Medicare tax, or Additional Medicare Tax and checked the box on line 1, check the appropriate box on line 4. You may need to check more than one box. 

If you obtained written statements from some employees but you couldn’t locate employees or secure the statements of the remaining employees, check all applicable boxes. Provide a summary on line 43 of the amount of the corrections both for the employees who provided written statements and for those who didn’t.

Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund

Instructions for Part 2, “4. Certifying Overreporting Adjustments“ came from the IRS Instructions for Form 941-X published by the Internal Revenue Service (IRS) Department of the Treasury, revised in April 2022.

Conclusion and Summary on 941-X: 4. Certifying Overreporting Adjustments, Form Instructions

The “Certifying Overreporting Adjustments” section is just one of forty three detailed questions and calculations you must complete correctly on the 941X IRS Form. Listed as question #4 under Part 2 of the 941X, be sure to answer the Certifying Overreporting Adjustments question #4 correctly. 

How To Fill Out Form 941-X For the Employee Retention Tax Credit?

Watch this 941-X video to learn more about how to fill out the IRS 941-X Form properly.

Need Help Completing / Filing IRS Form 941-X?

Disaster Loan Advisors can assist your business in filing an amended Form 941 Employer’s Quarterly Federal Tax Return (for 2020 and 2021), which is IRS Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund.

This tax form is required to be filled out correctly and filed for each qualifying quarter in 2020 and 2021 to ensure your business claims the maximum Employee Retention Credit (ERC) / Employee Retention Tax Credit (ERTC).

– Did you calculate your company’s maximum ERC Tax Credit correctly?
– Are you claiming all the ERC Credit for each qualifying quarter?
– Are you maximizing the total amount of ERC Credit your company qualifies for?
– Need a professional set of eyes to ensure you filled out your form 941X correctly?

Flexible and Professional ERC Consulting Tax Services

There are several flexible options for you. We can review, prepare, and / or file your 941-X Forms for you, or with you.

– Do-It-Yourself (DIY) and have us review your work.
– Done-With-You (DWY) and let’s collaborate together.
– Done-For-You (DFY) and we handle it all for you, from start to finish.
– Or, Consult-With-You to customize to your exact needs. 

Our professional ERC fee and pricing structure is very reasonable in comparison.

We DO NOT charge a percentage (%) of your ERC Refund like some companies are charging. Some ERC firms out there are charging upwards of 25% to 35% of your ERC refund! 

If you are looking for an ERC Company that believes in providing professional ERC Tax Services and value for small business owners, in exchange for a fair, reasonable, and ethical flat-fee for the amount of work required, Disaster Loan Advisors is a good fit for you. 

Form 941-X and the ERC program can be very confusing as it relates to your specific business situation. Our fee structure is fair and reasonable for the same or better level of ERC service.

Schedule Your Form 941-X Consultation to have peace of mind you are making sure your company actually qualifies, AND you are calculating the employee retention tax credit properly.

Deadlines to File IRS Form 941-X in 2024 and 2025

The 2020 ERC Credit Tax Year deadline of 4/15/24 has already passed. Good news? The opportunity to retroactively claim your business Employee Retention Credit for the prior 2021 Tax Year is still available, with a next year April 15, 2025 deadline.

This really is your FINAL chance at any potential ERC tax credit refund!

How to Claim the Employee Retention Tax Credit (ERC / ERTC) and Receive Up to a $26,000 Refund Per Employee

Disaster Loan Advisors can assist your business with the complex and confusing Employee Retention Credit (ERC) and Employee Retention Tax Credit (ERTC) program. 

Depending on eligibility, business owners and companies can receive up to $26,000 per employee based on the number of W2 employees you had on the payroll in 2020 and 2021.

The ERC / ERTC Program is a valuable tax credit you can claim. This is money you have already paid to the IRS in payroll taxes for your W2 employees.

Schedule Your Free Employee Retention Credit Consultation to see if your company qualifies for the employee retention tax credit.

Cover Image Credit: Irs.gov / Form 941-X / Disaster Loan Advisors.

Mark Monroe

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