New Form 941 Update: COVID Relief Provisions For Employers

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On Demand | CEU Approved

  • 90 minutes

Understand the new tax credits for COVID-19 and how to report them on Form 941 and review the new Form 7200 for 2021.
Form 941, Employer’s Quarterly Federal Tax Return, has changed twice due to COVID-19.There have been significant changes made to Form 941 – Employer’s Quarterly Federal Tax Return. Lines have been added to facilitate the reporting of wages and taxes for qualified sick and family leave and the employee retention credit. Additional lines have been added to compute the employer’s tax liability, apply the tax credits to the tax deposit requirements, and indicate elective deferrals of the employer share of Social Security tax.  This topic will explain proper withholding taxation so you can better understand the importance of withholding and reporting and ensure that Form 941 is always accurate.

Join this session by expert speaker Patrick Haggerty, where he will covers the fundamental aspects of Form 941 including when to use Form 943, Form 944, or Form 945 instead of Form 941 and How to report Form 7200. He will 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.

Session Highlights:

  • Line by Line Review and Details of 2021 New Form 941 and the Extended COVID-19 Credits
  • Schedule B Requirements and Tips
  • Know how to claim COVID-19 tax credits and tax deferrals on Form 941
  • How to report Form 7200 Advance payments
  • Know how to prepare an error free Form 941 
  • Know when to use Form 941 or the related Forms 944, 943, and 945
  • Understand what constitutes taxable wages and why the amounts are different for different taxes
  • Know how to report tax amounts and how to make adjustments for rounding errors 
  • Know the filing due dates
  • Understand the proper reporting of federal tax liability
  • Know who should sign the Form 941 and what the signature represents
  • Know when and how to reporting third party sick pay, group term life insurance and tips
Why You Should Attend:

Collection and enforcement of federal employment taxes is a current priority for the IRS 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.

Who Should Attend:

  • Payroll Supervisors and Personnel
  • Accounts Payable Supervisors and Personnel
  • Public Accountants
  • Internal Auditors
  • Tax Compliance Officers
  • Enrolled Agents
  • Officers and Managers with Tax Compliance Oversight
  • Company / Business Owners
  • Managers/ Supervisors
  • Public Agency Managers
  • Audit and Compliance Personnel / Risk Managers

*You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.

Patrick Haggerty

Patrick Haggerty

Patrick Haggerty 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 and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.

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This webinar has been approved for 1.5 HR (General) re-certification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for re-certification credit.

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