I've made a mistake on my 4th quarter 941 and need some help. I'm going to my accountant at the end of the week, but would like some help between now and then. PLEASE only post if you've had the exact same situation and got it resolved correctly as there are a couple of twists that are giving me fits. I know we have some accountants on this board so that is why I'm posting. This will not be the most exciting post you've ever read, but I need some help.
Let me say first this was from my 4th quarter of 2004 and I am an S corp. The mistake was on my pay, not an employees. I will give some fictitious numbers for clarification. I showed my wages as $10 for the quarter when in fact they were supposed to be $2. I withheld the extra tax and already sent off my 941 and payed income tax on the $8 I shouldn't have. My SS and Medicare taxes are correct, I just need to correct the income tax. I need to report an adjustment to show I only was paid $2 and would like to use the extra tax paid as a credit for the 1st quarter of 2005. Hear is where I'm having trouble. I was going to file a 941c, however Pub. 15 circ. E says you can only make adjustments for the same calendar year due to the info on W-2's. I have not yet printed MY W-2, only my employee's. The publication says you cannot adjust income tax withholding in prior years unless it is an administrative error which does not change the amount you withheld. My mistake will change this amount. However, since I have not printed my W-2 yet, can I just make changes and on 941c and put the correct numbers on my W-2? I'm thinking not because you must file a 941c with the next quarter's 941? If you've read this far, thank you very much.