Employee Retention Credit Preparing Forms 941 and 941-X


September 23, 2022


Dayna J Reum

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 75 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304

This program has been approved for 1.0 PDCs toward SHRM certification hours.
The program is pre-approved for 1 credit hour under HRCI


The new Form 941 has been modified a lot over the last year to include all the COVID-19 credits. This has been a huge challenge to employers. But deadlines with the IRS remained the same.  Some employers found out after they failed to make the deadline that they did it wrong. Now employers are asking how I fix my mistakes. 

Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund Form) is used to correct any errors made on Form 941. If you find an error on a previously filed Form 941, you must correct this error using Form 941-X.

The following information is required when filing Form 941-X:

  • Underreported taxes - reporting less income or revenue than was actually received
  • Overreported taxes - reporting more income or revenue than was actually received

If you are filing Form 941-X for underreported taxes, you must make a tax payment when you file the Form. When reporting overreported taxes, you can claim either a refund or abatement for your next return.

Learning Objectives:

  • To discuss line by line detail of the new Form 941-X.
  • To analyze the legal deadlines for completing the 941-X.
  • To review the COVID-19 credits and how to fix them with the 941-X.
  • To analyze how to know properly claim underreported taxes or over-reported taxes.
  • To inspect if the 941X always accompanies a W-2C and how to know the difference.
  • To discuss retro 941X and what needs to be completed because of the ARP Act.
  • To inspect deadlines for Filing Form 941.
  • To explain Form 941X line by line review.
  • To explore COVID-19 updates and how to fix the update credits.

Get answers to all your most important questions about Form 941-X

  • How do I fix the employer retention credit on the 941-X?
  • How do I know if I qualify for the COVID-19 credits that necessitate the 941-X?
  • How do I make sure to complete the 941-X properly for the sick and family leave credits?
  • If I have other adjustments to make, can I do them all on the same 941-X

Who Will Benefit:

  • Payroll professionals
  • Payroll managers
  • HR professionals
  • HR executives
  • HR directors
  • HR managers
  • CPA
  • Accounting Professionals

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