Why Should You Attend:
The quarterly Form 941 reports employee headcount, wages and tips, taxes withheld from employee pay and employer taxes, and tax liability dates that establish due dates for tax deposits. It is the basis for IRS determination of employer compliance with the requirement to withhold and deposit employee income tax and Social Security and Medicare taxes. The tax liability section and Schedule B provide the basis for IRS assessment of deposit penalties.
Form 941, and the related Form 941X used to correct a previously filed Form 941, present special compliance and reconciliation issues. Correction of prior return errors on a 941 can be challenging and subject to strict deadlines to avoid incurring penalties or interest charges.
It will cover correcting errors using Form 941-X including determining when to file, whether to file for an adjustment or a claim for refund, the certification and documentation requirements for recovering overpaid tax, and how to handle retroactive reclassification of workers from independent contractors to employees.
Areas Covered in the Webinar:
When to use Form 941 – Related Forms 944, 943, and 945
Form 941 fundamentals - A walk through Form 941
Return Due Dates
Who should sign the Form 941 and what the signature represents
Reporting third party sick pay, group term life insurance and tips correctly
How to reconcile the Forms 941 with the Forms W2
Tax deposit and reporting requirements – How to determine your deposit schedule
Using the 941X form to correct the Form 941 – A walk through Form941X
Due dates and statute of limitations for corrections – Interest free adjustments and penalties
Certifications and employee statements required for refunds
Signing Form 941-X
The quarterly Form 941 reports employee headcount, wages and tips, taxes withheld from employee pay and employer taxes, and tax liability dates that establish due dates for tax deposits. It is the basis for IRS determination of employer compliance with the requirement to withhold and deposit employee income tax and Social Security and Medicare taxes. The tax liability section and Schedule B provide the basis for IRS assessment of deposit penalties.
Form 941, and the related Form 941X used to correct a previously filed Form 941, present special compliance and reconciliation issues. Correction of prior return errors on a 941 can be challenging and subject to strict deadlines to avoid incurring penalties or interest charges.
It will cover correcting errors using Form 941-X including determining when to file, whether to file for an adjustment or a claim for refund, the certification and documentation requirements for recovering overpaid tax, and how to handle retroactive reclassification of workers from independent contractors to employees.
Areas Covered in the Webinar:
When to use Form 941 – Related Forms 944, 943, and 945
Form 941 fundamentals - A walk through Form 941
Return Due Dates
Who should sign the Form 941 and what the signature represents
Reporting third party sick pay, group term life insurance and tips correctly
How to reconcile the Forms 941 with the Forms W2
Tax deposit and reporting requirements – How to determine your deposit schedule
Using the 941X form to correct the Form 941 – A walk through Form941X
Due dates and statute of limitations for corrections – Interest free adjustments and penalties
Certifications and employee statements required for refunds
Signing Form 941-X
