Do underreported amounts result in penalties?
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Last modified 10/19/2020 2:31:22 AM EST
Form 941 Form 1099 / W-2 Form 2290
Correcting an underreported amount while filing Form 941-X doesn't result in a failure-to-pay penalty, FTD penalty, or interest if you:
- File on time (by the due date of the quarter in which you discover the error).
- Pay the amount shown on Line 21 by the time you file Form 941-X.
- Enter the date you discovered the error.
- Explain in detail the grounds and facts relied on to support the correction.