Form 941 and W-2 Corrections: 2022 COVID Updates

On Demand | CEU Approved

  • 60 minutes

A major task for payroll departments is that of preparing W-2 Forms, furnishing them to employees, and filing them with the Social Security Administration. The Forms must be correct, complete, and filed on time or the employer may face stiff penalties.

The due date for filing the forms with the SocialSecurity Administration is currently January 31. This accelerated due date doesn't allow time for employees to advise employers of errors so that corrections can be made before the forms are filed with the Social Security Administration.

Corrections to W-2 Forms frequently require that Forms 941 also be corrected. Similarly, a correction to a prior year Form 941 may require that prior year W-2 Forms also be corrected. It is important for payroll professionals to understand the relationship between Form 941 and the W-2 Forms and to know how to correctly prepare Form 941-X to correct errors onForm 941.

The webinar will discuss the rapid evolution of employer COVID-19 relief provisions and the multiple updates to Form 941 released since the beginning of 2022 and discuss how the complex rules for reporting and claiming tax credits and payroll tax deferrals have increased the potential for errors.

Areas covered;

  • Statute of Limitations to Correct Forms
  • Timing to Provide Forms to Individuals and Submit to SSA
  • which forms to Use
  • Issue W-2c or a Corrected W-2?
  • Adjusting Payroll Tax Filings for 941 and 940
  • Timing to Furnish to Individuals and Report to SSA
  • Correcting Employee's Name
  • Correcting Employee's Address
  • Correcting Multiple W-2 Forms for an Employee
  • CorrectingEntries in Box 12
  • Form 941 – Underpayment of Taxes
  • Form 941 – Overpayment of Taxes
  • Correcting Form 941
  • Refunding of Overpaid FICA Taxes
  • Correcting State Tax Forms
  • Making corrections to Local Taxes
  • Payment of deferred employee and employer payroll taxes
  • Using worksheets to correct payroll tax credits
Session Highlights:

  • Describe the circumstances under which a Form W-C or Form 941-X is required.
  • Discuss the corrected W-2 with your employee.
  • Explain the necessary changes required to your supervisor.
  • Know the deadlines for minimizing penalties on late or incorrect W- 2 Forms.
  • Be aware of the exceptions to penalties on late or incorrect W-2 Forms.
  • Know when to file Form 941-X to make interest-free adjustments.
  • Understand how the statute of limitations applies to Form 941 Amendments.
  • Understand the difference between a Form 941 adjustment and a Form 941 claim for a refund.
  • Know which certifications must be obtained from an employee in order to lean adjustment or claim for a refund for overpaid tax.
  • Know which version of Form 941 and Form 941-X to use.
  • Know the procedure for payment of deferred employee and employer payroll taxes.
Why you should attend?

Penalties for late filing or filing incorrect W-2 Forms are on the rise. Penalties are reduced or eliminated when errors are corrected quickly. It is important for payroll professionals to understand the rules that reduce or mitigate penalties and to act within the time limitations for maximum benefit. Understanding how to compute and process corrections by correctly completing Form W-2c is an essential skill.

This webinar will discuss methods for avoiding or correcting errors on W-2 Forms and corresponding corrections on 941 Formsfocusing on how to make required corrections while minimizing or eliminating penalties. Proper preparation and timely filing of Forms 941-X and W-2/W9c forms will be covered. The webinar will also address changes to the COVID-19 tax credits and how to report payments of deferred 2022 payroll taxes.

Who should attend?

  • Payroll Supervisors and Personnel
  • Payroll Consultants
  • Payroll Service Providers
  • Public Accountants
  • Internal Auditors
  • Tax Compliance Officers
  • Enrolled Agents
  • Employee Benefits Administrators
  • Officers and Managers with Payroll or Tax Compliance Oversight
  • Company / Business Owners
  • Managers/ Supervisors
  • Public Agency Managers
  • Audit and Compliance Personnel / Risk Managers

*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.

Patrick Haggerty

Patrick Haggerty

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, information returns, and accounting.

No Reviews Found

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

Share this course with a friend


Get Notified about News, Webinars, Community & More