2023 Updates to the form 941 and review of common errors as reported by the IRS

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 forms 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. Now that the COVID-19 legislations have expired but some employers may still claim the tax credits it can confusing on when it would be appropriate. This webinar will review the tax credits along with how to claim them on the Form 941

Webinar Objectives

The COVID-19 pandemic has significantly affected our lives. It has always brought a lot of special legislation that impacts employers and how to complete the quarter 941 form. A lot of the COVID-19 tax credits have been extended into 2021, but employers may still claim into 2023. Review of the updated form. This webinar will give you the tools to understand how to properly handle the credits specific to the legislation in 2021 that effects the filing into 2023.

Webinar Agenda

• 941 Basic Requirements
  • Reporting Requirements
  • 941 Due Dates
  • Electronic Filing
  • Signing Requirements
• Line by line review including new tax credit lines
• 2023 Q2 and Beyond Updates
• COVID-19 updates and tax credits
• Schedule B requirements and tips
• Reconciliation of Form 941 and W-2’s at year end

Webinar Highlights

• Details around 2023 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 new form 7200
• Details around which 7200 form should be processed
• Social Security employer tax deferral

Who Should Attend

Payroll and Tax Professionals

Credit(s)

IRS CPE Credits: 1 Tax hour