The form 941 is an essential form for all employers that pay employees and withhold federal and FICA (social security and Medicare) taxation. In 2020 several changes occurred due to COVID credits on the 941 forms 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. 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 even into 2024. This webinar will review the tax credits along with how to claim them on the Form 941 once released.

Learning Objectives:

This webinar will give you the tools to better be able to understand line by line of the Form 941.

Details around 2024 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 form 7200 when could you use it.

Social Security employer tax deferral

Agenda

· 941 Basic Requirements

o Reporting Requirements

o 941 Due Dates

o Electronic Filing

o Signing Requirements

· Line by line review

· COVID-19 Tax credits and Form 941 in 2024

· Schedule B requirements and tips

· Reconciliation of Form 941 and W-2’s at year end