Form 941 Processing and COVID-19 Credit

Overview:
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 have made it difficult to understand. The importance of reconciliation and completion of not only 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 legislation 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 Form 941 once released.

Why Should You Attend:

• This webinar will give you the tools to better be able to understand line by line of Form 941.
• Details around 2020 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
• Social Security employer tax deferral

Areas Covered in the Session:

• 941 Basic Requirements

             Reporting Requirements
             941 Due Dates
             Electronic Filing
             Signing Requirements

• Line by line review
• 2020 Updates
• COVID-19 Tax credits and Form 941
• 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