New 941 for Q2 : The Latest Changes including Covid Credit Updates

Credit(s)

IRS CPE Credits: 1 Tax hour

The form 941 is an essential form for all employers that pay employees and withhold federal and FICA (social security and Medicare) taxation. In recent years several changes to the 941 form has made is difficult to understand. The importance of reconciliation and completed of not only the Form 941 but Schedule B is becoming increasingly important for employers to avoid costly disputes with the IRS resulting in penalty and interest. With the several COVID-19 legislations being passed that includes tax credits for employers the form 941 will be a key form to claim these credits. This webinar will review the tax credits along with how to claim them on the Form 941 once released. Even into 2022 we are seeing some credits being claimed on the Form 941

Webinar Objectives

The COVID-19 pandemic has significantly affected our lives. It has always brought a lot of special legislation that impacts employers and how to complete the quarter 941 form. A lot of the COVID-19 tax credits have been extended into 2021. Review of the updated form and COBRA credit instructions from the IRS will be included. This webinar will give you the tools to understand how to properly handle the credits specific to the legislation in 2021 that effects the filing into 2022.

Webinar Agenda

• 941 Basic Requirements
  • Reporting Requirements
  • 941 Due Dates
  • Electronic Filing
  • Signing Requirements
• Line by line review including new tax credit lines
• 2022 Q2 and Beyond  Updates
• COVID-19 updates and tax credits
• Schedule B requirements and tips
• Reconciliation of Form 941 and W-2’s at year end
   

Webinar Highlights

• Details around 2022 updates to the form 941 and review of common errors as reported by the IRS.
• Review of Schedule B and the importance of completing correctly
• Review of who should sign the Form 941 
• Employer Retention Tax credit and the new form 7200
• Details around which 7200 form should be processed
• Social Security employer tax deferral

Who Should Attend

Payroll and Tax Professionals