irs-updates-on-form-941-for-covid-19

IRS Updates on Form 941 for COVID-19

certification logo21670        certification logo21671       

On Demand | CEU Approved

  • 60 minutes
  • 0 Day Left
     Jun 02, 2020 - Jun 30, 2020
  •   08:00 AM - 09:00 AM ET
    05:00 AM - 06:00 AM PT

IRS Updates on Form 941 for COVID-19

On April 30, 2020, the Internal Revenue Service (IRS) released a draft of Form 941, Employer's QUARTERLY Federal Tax Return, and accompanying instructions. The revised Form 941 includes various additional entries to report and reconcile payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA). The form is expected to be available for use by employers beginning with the second quarter of 2020

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 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 penalties and interest.

IRS Issues Form 941 Clarification on Employee Retention Credit

  • Form 941 was reissued with a clarification on using the employee retention credit

  • The credit is available as part of the CARES Act

IRS to Expand Form 941 to 3 Pages for FFCRA, CARES Act Reporting

  • About 20 additional data-entry fields are to be added to the form

  • Schedule R of Form 941 also is to be revised 

Join this session by expert speaker Dayna Reum, this webinar will give the tools you need to complete the form correctly from line by line review to who should sign the form. Discussions on how to properly reconcile the form to avoid IRS notices will be reviewed. Along with how to deal with the IRS if a dispute does occur. 

Session Highlights:

  • 941 Basic Requirements Reporting Requirements

  • 941 Due Dates

  • Electronic Filing

  • Signing Requirements

  • Line by line review

  • Schedule B requirements and tips

  • Reconciliation of Form

  • 941 and W-2’s at year end 941-x forms and how to deal with them

  • IRS Notices, disputes and how to deal with them.


Why You Should Attend:

Businesses typically need to file Form 941 if they have employees and withhold income tax, social security, and Medicare tax from their wages.

Specifically, they need to file form 941 to report the following payroll-related amounts. If any of these factors apply to your business, you need to file Form 941.

  • Wages paid

  • Tips reported to you by employees

  • Federal income tax withheld

  • Employer and employee share of social security and Medicare taxes

  • Any additional Medicare Tax withheld from employees

  • Current quarter adjustments to Medicare taxes and social security for sick pay, tips, group-term life insurance and fractions of cents

  • Small business payroll tax credit

Who Should Attend:

  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel


  • Human Resources Executives/Managers/Administrators

  • Accounting Personnel

  • Business Owners/Executive Officers/Operations and Departmental Managers

  • Lawmakers

  • Attorneys/Legal Professionals

  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues



*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




Dayna Reum

Dayna Reum

Dayna is currently the Director of Payroll Operations at Ann & Robert Lurie Children’s Hospital of Chicago. Dayna has been heavily involved in the payroll field over 17 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards for Customer Service and Acquisitions and Divestitures.

Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the APA. She also serves on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.

No Reviews Found

This webinar has been approved for 1 HR (General) recertification 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 recertification credit.


Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1 PDC for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

Want to attend in a Group? Call 844-810-1151 and Save upto 50%

  • $125.00

  • $125.00

  • $125.00

  • $199.00

  • $199.00

  • $199.00

  • $279.00

  • Total : $00.00

Share this course with a friend
           

Newsletter

Get Notified about News, Webinars, Community & More