A draft version of Form 944-X, Adjusted Employer’s Annual Federal Tax Return or Claim for Refund, was released Nov. 28 by the Internal Revenue Service.
The draft allows adjustments to Covid-19 employment tax credits. Employers can only make adjustments for a 2020 or 2021 Form 944 if they are adjusting the employee retention credit or the credit for qualified sick and family leave taken after March 31, 2021. Adjustments to the COBRA premium assistance credit can only be made for a 2021 or 2022 Form 944, and adjustments to deferred Social Security taxes can only be made for a 2020 ...
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