Determine Form 941 compliance requirements and what to do when you need to correct an error on prior returns.
The IRS collects hundreds of billions of dollars of employment taxes each year - more than any other source of revenue. Form 941 and related forms lie at the heart of the IRS' employment tax collection system. Much of the administrative burden under that system falls on employers. An employer's failure to understand and comply with its obligations can result in IRS assessments, audits and penalties. This topic will help tax and payroll specialists and others with an interest in this issue to understand the employer's obligations under the employment tax collection system, including how to handle corrections and disputes when they arise.
Why Should You Attend:
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 it difficult to understand. The importance of reconciliation and completion 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.
This webinar will give the tools you need to complete the form correctly from line by line review to who should sign the form. Discussions on how to properly reconcile the form to avoid IRS notices will be reviewed.
- Properly completing the 941
- Who and when a Form 941 should be done
- Reconciliation of the 941 with the schedule B and the annual W-2 review
- Dealing with the IRS and the proper way to handle notices and disputes
- Basics of form deadlines & proper completion of the form
- IRS reported common mistakes
Areas Covered in the Session :
- 941 Basic Requirements
- Reporting Requirements
- 941 Due Dates
- Electronic Filing
- Signing Requirements
- Line by line review
- Schedule B requirements and tips
- Reconciliation of Form 941 and W-2’s at year end
- 941-x forms and how to deal with them
- IRS Notices, disputes and how to deal with them
Who Will Benefit:
- Payroll Department
- Tax Accounting Department
- All Employers