FORM 4668

Form 4668 is used by employers to report and correct employment tax errors. It is an important form because it helps the Internal Revenue Service (IRS) to ensure that employers are paying the correct amount of Social Security, Medicare, and income taxes for their employees.

Form 4668 can be used to correct a variety of errors, including:

• Incorrectly withholding or paying employment taxes
• Failing to withhold or pay employment taxes
• Incorrectly reporting employment taxes on tax returns

Why is Form 4668 important?

Form 4668 is important because it helps employers to comply with their tax obligations and to avoid penalties and interest. It is also important for employees because it ensures that they are paying the correct amount of taxes and that their Social Security and Medicare accounts are credited with the correct amount of earnings.

Reasons why employers may need to file Form 4668:

• Incorrectly withholding or paying employment taxes: This can happen due to a variety of factors, such as using the wrong tax tables, miscalculating wages, or making mistakes when entering data into payroll software.
• Failing to withhold or pay employment taxes: This can happen if the employer is experiencing financial difficulties or if they are simply not aware of their tax obligations.
• Incorrectly reporting employment taxes on tax returns: This can happen due to clerical errors, misunderstandings of tax laws, or even fraud.

How to file Form 4668:

• Form 4668 can be filed electronically or by mail. To file electronically, employers must use the IRS’s e-file system. To file by mail, employers must send the completed form to the IRS address that is listed on the form.