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Form 941 Compliance: Preparation, Reconciliation, and Correction

Patrick Haggerty is Keynote Speaker at Ijona Skills. He is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars an........

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Overview

Collection and enforcement of federal employment taxes is a current priority for the IRS.
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. 
This webinar covers the fundamental aspects of Form 941 including when to use Form 943, Form 944, or Form 945 instead of Form 941. It also covers the determination of the tax deposit period and the due dates for deposits, a line by line walk through of Form 941, special adjustments required for certain reconciling items such as fractions of cents, uncollected Social Security and Medicare taxes on group term life insurance and tips, and sick pay. 
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.

Why should you attend?

Form 941 is the link between payroll records and the IRS tax records. It is one of the most important compliance areas in payroll. Form 941 must be prepared correctly and reconciled with the quarterly payroll records. It must also be reconciled annually with third party sick pay records and W-2 Forms. Proper administration of this vital form is critical for avoiding IRS notices and mitigating any penalties and interest that accompany them. The Schedule B is also a crucial form for many employers. Deposit liability dates must match the payroll records. These dates establish the deposit due dates and provide the basis for tax deposit compliance penalties.

Areas Covered in the Session:

  • When to use Form 941 - Related Forms 944, 943, and 945
  • Form 941 fundamentals - A walk through Form 941 
  • That mysterious question about the number of employees
  • Taxable wages and why the amounts are different for different taxes
  • Reporting tax amounts - Rounding errors in Social Security and Medicare Tax Amounts
  • Adjustments to taxes that affect liability and tax deposits
  • 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 requirements - How to determine your deposit schedule 
  • Tips for completing the Schedule B-liability dates vs. deposit dates
  • Tips to balance Form 941 and Schedule B to the penny-as required by the IRS
  • What to do if you discover an error in deposits for the quarter when completing the Form 941
  • Using the 941X form to correct the Form 941 - A walk through Form941X
  • Reporting error discovery date and quarter to be corrected
  • Selection of method - adjustment or claim for refund 
  • Due dates and statute of limitations for corrections - Interest free adjustments and penalties
  • Certifications and employee statements required for refunds
  • The corrections section - how to complete it properly
  • Description of the corrections
  • Reporting adjustments due to worker reclassification
  • Signing Form 941-X

Who can Benefit:

  • Payroll Supervisors and Personnel
  • Payroll Consultants
  • Payroll Service Providers
  • Public Accountants
  • Internal Auditors
  • Tax Compliance Officers
  • Enrolled Agents
  • Employee Benefits Administrators
  • Officers and Managers with Payroll or Tax Compliance Oversight
  • Company / Business Owners
  • Managers / Supervisors
  • Public Agency Managers
  • Audit and Compliance Personnel / Risk Managers

Webinar Id: ISFPH006

Duration: 90 mins

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