Revised Form 941: The Latest Changes for Q2-Q4 2020 that You Need to Know About

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Pre Recorded

  • 120 minutes

Draft Instructions Issued for Revised Form 941 Schedule R 

  • IRS issues draft instructions for Schedule R

  • The revised form is to have 25 columns

Draft instructions for a revised supplemental form that is to be used by aggregate filers of 2020 quarterly federal tax return data were released May 20 by the Internal Revenue Service. 

The draft instructions are for Schedule R, Allocation Schedule for Aggregate Form 941 Filers, which was released May 5 as a draft. 

Schedule R is to be adjusted to accommodate data reporting for payroll-related relief measures established by the Families First Coronavirus Response Act (FFCRA), enacted March 18, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27.

 Session Highlights:

  • What’s New for Q2-Q4 2020 

  • Families First Act: Credits for Paid Sick Leave and Paid Family Leave

  •  CARES Act: including deferring Employer’s Social Security

  •  IRS Form 7200: Purpose for the form and how it applies to you 

  •  Line by line review of the massive changes of the New Revised Form 941 And more!  

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 file the New Form 941 for the remainder of 2020

Advanced Preparation: None

Program Level: Intermediate 

Prerequisites: Basic Knowledge of Taxes 

Field of Study: Taxes 2.0

 *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.

Vicki  Lambert

Vicki Lambert

Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations. 

With over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today.

A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country. Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of and instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA. She is also the Program Developer, Subject Matter Expert (SME), and Facilitator for the Certificate in Payroll Practice and Management Program offered by Cengage Learning / Ed2Go through hundreds of colleges and universities across the country.

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This webinar has been approved for 2.0 HR (General) re-certification 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 re-certification credit.

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PLEASE NOTE: To receive credit through the NASBA for this program you MUST attend the Live program in its entirety and complete the required progress checks. 

Number of CPE Credits Awarded for This Course: 2.0 (Taxes 2.0)  

Delivery Method: Group Internet Based

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