Form 941 Essentials: Keys to Payroll Tax Compliance

"Not able to attend live webinar ? Purchase on-demand webinar and watch it whenever and many time as you want."
"You will get the on-demand webinar on your registered email after complete the live webinar."

Certification: SHRM & HRCI Credits – 1.5

  • Overview
  • Speaker
  • FAQ
  • Certificate

Overview 

This webinar discusses the fundamental aspects of Form 941 including when to use Form 943, Form 944, or Form 945 instead of Form 941, determination of the tax deposit period due dates for deposits, a line-by-line walk-through of Form 941, special adjustments required for reconciling items and special rules that may apply for reclassified workers. 
 
 

Description

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.
 

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

Areas Covered:

  • When to use Form 941 – Related Forms 944, 943, and 945
  • Form 941 fundamentals - A walk through Form 941
  • 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 and reporting requirements – How to determine your deposit schedule

     


Learning Objectives

As a result of this session, you should:

  • 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 report third-party sick pay, group term life insurance, and tips
  • Understand the importance of reconciliation of Forms 941 with the Forms W2

     


Why you should 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. 
 
 

Who will benefit

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


Ask your question directly from our expert during the Q&A session following the live event.

Patrick A Haggerty, EA

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, and information return reporting.

PeduCompliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.


This Program has been approved for 1.5 HR (General) recertification credit hours toward aPHR™, aPHRi™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™, and SPHRi™ recertification through HR Certification Institute®? (HRCI®).


PeduCompliance Courses and Webinars or any Education published “Articles & Materials” strictly follow the standards and guidelines of the Professional Credit / CEU Providers and Well Researched before publishment.

PeduCompliance doesn’t support any Fake – News, Articles, or Compliance updates; Our Industry Experts are highly verified and recognized, and their Pre-publishment is verified via our experts and fact-checkers.

FAQ's

How do I get enrolled for this webinar/course?

Sign up now on Pedu-Compliance. Visit Pedu-Compliance.io to discover a wide range of webinars from industry specialists. Tick on either ‘live webinar’ or ‘on-demand’, and simply click on ‘buy now’ to get enrolled.

Can I get somebody else enrolled for this course? If yes, how?

You can refer Pedu-Compliance to anyone in your social circle. Explore your industry with your colleagues by getting them signed up on Pedu-Compliance.io today!

How can I access the live webinar?

Go for the topic of your keen interest on Pedu-Compliance.io. Tick on ‘live webinar’ and get enrolled! Easy registration, transparent transaction.

Can I attend the webinar without an internet connection?

You can request for an on-demand webinar that records the live webinar for you. After the webinar ends, you will have full access to the webinar’s recording.

What is an “On Demand”?

If you can’t attend the live webinar, simply go for the ‘on-demand webinar’ for the same price! Now, the live webinar recording will be saved in a cloud storage for you to access anytime from anywhere.

Will the transcript be a hard-copy or a soft-copy?

Pedu-Compliance offer only soft copies of the webinars. It contains all the highlights as well as comprehensive descriptions of the webinar, so you never miss out a single detail.

Can I ask question(s) to the speaker?

At the end of each webinar, you have the opportunity to interact with your industry experts, where you will get answers to all your queries.

I missed the live webinar. What now?

Don’t worry, If you can’t join live webinar. Pedu-Compliance has automatically send you On Demand on your registered mail id after conducting live webinar. So, you never miss out a single detail.


Isn’t it helpful?

Ask your question directly from our Customer Support Team. 

  • 0.00

    $ 199
    $ 200
    $ 290
    $ 490
    $ 299

Powerful Compliance Solutions
for Business

Join The Community Of Thousands Of Professionals Who Have Enhanced
Their Careers Using Pedu-Compliance Services