Form 941 IRS Updates for 2021

LIVE  Apr 23, 2021 12:00PM EST

Duration : 60 min

4 days ago




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IRS released new Instruction for Form 941 and it is now touted as 2021 version of Form 941. Form 941 is the link between your payroll records and the IRS tax records. Proper administration of this vital form is critical if you want to avoid IRS Notices and the penalties and interests that accompany them.  Schedule B is also a crucial form for many employers.  The IRS demands that Form 941 and Schedule B match to the penny…every single time…without fail!

It has always been a requirement that Forms 941 be reconciled with the Forms W-2 prior to submitting each form. If the employer fails in this reconciliation, the IRS and Social Security Administration can both assess penalties! This reconciliation has become even more critical these past few years.

This webinar covers IRS Form 941 and its accompanying Form Schedule B for the 1st Quarter of 2021.  It discusses what is new for the latest version form in 2021 including 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. The webinar also covers the forms used to amend or correct the returns.

Session Highlights:

.      The latest instructions - including changes toForm 941 regarding the expiration of Social Security tax deferral provisions

.      Draft instructions for Form 941-SS

.      Line by Line review of the 2021 version of Form941

.      Tips for completing the Schedule B—liabilitydates vs. deposit dates

.      Tips to balance Form 941 and Schedule B to thepenny—as required by the IRS

.      Form due dates

.      Who should sign Form 941

.      Reporting third-party sick pay, group term lifeinsurance, and tips correctly

.      How to reconcile the Forms 941 with the FormsW-2

.      What to do if you discover an error in depositsfor the quarter when completing Form 941

.      Using the 941X form to correct the Form 941regulations.

Why You Should Attend:

This webinar will give you the tools to better be able to understand line by line of Form 941. All details around 2021 updates to form 941 will be covered and common errors as reported by the IRS will be reviewed. For the attendee to understand the requirements for completing the 2021 Form 941 correctly line by line.  The webinar will ensure that the attendee has the basic knowledge to complete the Form Schedule B according to the IRS regulations and to ensure that it reconciles down to the penny with Form 941 prior to submission. After attending this webinar, the attendees will get to know when a Form 941-X is required and provide the attendee with the basic knowledge of how to complete Form 941-X. And the attendees will get to know the reconciliations needed under IRS and Social Security Administration regulations

Who Should Attend:

.      Payroll Professionals Executives/Managers/Administrators/Professionals/Practitioners/Entry LevelPersonnel

.      Human ResourcesExecutives/Managers/Administrators

.      Accounting Personnel

.      Business Owners/Executive Officers/Operationsand Departmental Managers

.      Lawmakers  

.      Attorneys/Legal Professionals  

.      Any individual or entity that must deal with thecomplexities and requirements of Payroll compliance issues

 

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


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