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 have made is difficult to understand. The importance of reconciliation and completed 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.

Agenda: 

· 941 Basic Requirements

o Reporting Requirements

o 941 Due Dates

o Electronic Filing

o Signing Requirements

· Line by line review including new tax credit lines

· Schedule B requirements and tips

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

Learning Objectives:

• Be able to better understand line by line of the Form 941.
• Understand details around 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
• Filing the Form 941 when taking the COVID-19 credits in 2025