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Form 941, Employer’s Quarterly Federal Tax Return, has changed twice due to COVID-19.There have been significant changes made to Form 941 – Employer’s Quarterly Federal Tax Return. Lines have been added to facilitate the reporting of wages and taxes for qualified sick and family leave and the employee retention credit. Additional lines have been added to compute the employer’s tax liability, apply the tax credits to the tax deposit requirements, and indicate elective deferrals of the employer share of Social Security tax.  

This webinar covers the IRS Form 941 and its accompanying Form Schedule B for 2nd Quarter of 2021.  It discusses what is new for the latest version form in 2021including all changes recently made by the Consolidated Appropriations Act of 2021 as well as the requirements for completing each form line by line. It includes the filing requirements and tips on reconciling and balancing the two forms. 

 

Learning Objectives

-For the attendee to understand the requirements for completing the 2021 Form 941 correctly line by line. 
-To ensure that the attendee has the basic knowledge to complete Form Schedule B according to the IRS regulations and to ensure that it reconciles down to the penny with Form 941 prior to submission. 
-To ensure the attendee knows when a Form 941-X is required and provide the attendee with the basic knowledge of how to complete Form 941-X. 
-To demonstrate to the attendee the reconciliations needed under IRS and Social Security Administration regulations.
-Know how to prepare an error-free Form 941 
-Understand what constitutes taxable wages and why the amounts are different for different taxes
-Know how to report tax amounts and how to make adjustments for rounding errors 
-Know the filing due dates
-Understand the proper reporting of federal tax liability

 

This Presentation will cover

-Line by line review of the 2021 Form 941 2nd quarter
-Tips for completing the Schedule B—liability dates vs. deposit dates
-Tips to balance Form 941 and Schedule B to the penny—as required by the IRS
-Form due dates
-Who should sign Form 941
-Reporting third-party sick pay, group term life insurance, and tips correctly
-How to reconcile Forms 941 with the Forms W-2
-What to do if you discover an error in deposits for the quarter when completing Form 941
-Using the 941X form to correct the Form 941

 

Who Will Benefit

-Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
-Human Resources Executives/Managers/Administrators
-Accounting Personnel
-Business Owners/Executive Officers/Operations and Departmental Managers
-Lawmakers
-Attorneys/Legal Professionals
-Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
 


You may ask your Question directly to our expert during the Q&A session.

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